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 8, 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 Jan 7, 1998 Dec 31, 1997 Jan 8, 1997 Jan 7, 1998 Reserve Bank Credit (1,2) 476,867 + 607 + 35,638 472,376 U.S. government securities Bought outright-system account (3) 430,973 + 107 + 39,062 430,039 Held under repurchase agreements 9,827 - 90 - 2,590 4,275 Federal agency obligations Bought outright 685 0 - 1,540 685 Held under repurchase agreements 1,523 + 20 - 108 747 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 352 - 321 + 309 7 Seasonal credit 23 - 41 + 4 19 Extended credit 0 0 0 0 Float 1,956 + 1,186 + 705 5,258 Other F.R. assets 31,528 - 255 - 204 31,348 Gold stock 11,047 - 1 - 1 11,047 Special drawing rights certificate account 9,200 0 - 518 9,200 Treasury currency outstanding 25,658 + 14 + 664 25,658 Total factors supplying reserve funds 522,772 + 620 + 35,783 518,281 Currency in circulation* 480,757 - 826 + 32,472 478,730 Treasury cash holdings* 225 - 3 - 23 228 Deposits,other than reserve balances,with F.R.Banks Treasury 5,031 + 273 + 551 5,580 Foreign 244 + 30 + 66 159 Service-related balances and adjustments (4) 6,795 - 162 - 82 6,795 Other 800 + 435 + 553 225 Other F.R. liabilities and capital 15,632 - 591 + 1,626 15,709 Total factors, other than reserve balances, absorbing reserve funds 509,483 - 845 + 35,164 507,425 Reserve balances with F.R. Banks (5) 13,288 + 1,465 + 619 10,856 On January 7, 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 600,196 million, a change of -$ 2,638 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,789 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,505 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 17,724 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 15,734 million was with foreign official and international accounts. Includes $ 80 million securities loaned--fully secured U.S. government securities. 3 Includes $ 1650 million of inflation-indexed securities valued at the original face amount and $ 23 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,601 million and adjustments of $ 194 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 7, 1998 Dec 31, 1997 Jan 8, 1997 ASSETS Gold certificate account 11,047 0 - 1 Special drawing rights certificate account 9,200 0 - 518 Coin 448 - 12 - 139 Loans 26 - 2,010 - 26 Acceptances 0 0 0 Federal agency obligations Bought outright 685 0 - 1,540 Held under repurchase agreements (1) 747 - 1,905 - 1,437 U.S. government securities Bought outright--Bills 196,426 - 697 + 4,365 Notes (2) 174,206 0 + 23,284 Bonds 59,407 0 + 10,068 Total bought outright (3) 430,039 - 697 + 37,718 Held under repurchase agreements (1) 4,275 - 16,913 - 5,500 Total U.S. government securities 434,314 - 17,610 + 32,218 Total loans and securities 435,771 - 21,525 + 29,215 Items in process of collection (403) 12,562 + 4,762 + 5,042 Bank premises 1,272 0 + 36 Other assets (4) 30,068 - 705 - 806 TOTAL ASSETS (403) 500,367 - 17,480 + 32,828 LIABILITIES Federal Reserve notes 453,747 - 3,721 + 31,237 Deposits Depository institutions 17,632 - 13,206 - 1,693 U.S. Treasury--general account 5,580 + 136 + 518 Foreign--official accounts 159 - 299 - 10 Other 225 - 674 - 11 Total deposits 23,596 - 14,043 - 1,196 Deferred availability cash items (403) 7,314 + 75 + 1,032 Other liabilities and accrued dividends (5) 4,581 - 265 + 116 TOTAL LIABILITIES (403) 489,239 - 17,954 + 31,189 CAPITAL ACCOUNTS Capital paid in 5,439 + 6 + 840 Surplus 5,214 - 6 + 719 Other capital accounts 474 + 474 + 81 *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 $ 23 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 17,724 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 80 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 $ 63 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, January 7, 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 10 0 Within 15 days 19,254 - 14,892 747 - 1,905 16 to 90 days 16 0 16 to 90 days 98,686 + 3,038 60 0 Over 90 days 0 0 91 days to 1 year 132,130 - 5,756 192 0 Over 1 to 5 years 95,028 0 153 0 Over 5 to 10 years 40,907 0 255 0 Over 10 years 48,308 0 25 0 Total 26 0 Total 434,314 - 17,610 1,432 - 1,905 1 Includes $ 1650 million of inflation-indexed securities valued at the original face amount and $ 23 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 7, 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 11,047 624 3,934 350 669 965 723 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 448 24 19 50 24 64 45 52 15 19 35 37 65 Loans 26 0 0 2 0 1 0 10 2 0 10 0 1 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) 747 0 747 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 196,426 11,975 63,534 6,567 13,587 18,689 13,108 20,952 7,823 2,736 5,609 7,133 24,714 Notes (2) 174,206 10,620 56,347 5,824 12,050 16,575 11,625 18,582 6,938 2,426 4,974 6,327 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) 430,039 26,216 139,096 14,377 29,746 40,917 28,697 45,870 17,128 5,989 12,279 15,617 54,106 Held under repurchase agreements(1) 4,275 0 4,275 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 434,314 26,216 143,371 14,377 29,746 40,917 28,697 45,870 17,128 5,989 12,279 15,617 54,106 Total loans and securities 435,771 26,258 144,340 14,401 29,794 40,983 28,742 45,953 17,157 5,999 12,309 15,642 54,193 Items in process of collection 12,965 785 2,792 594 556 994 942 1,062 437 920 672 515 2,696 Bank premises 1,272 94 156 51 132 126 78 108 31 132 55 150 159 Other assets(4) 30,068 1,333 8,920 1,412 1,872 2,367 2,368 3,250 877 591 990 1,385 4,702 Interdistrict settlement account 0 -4,802 +30,765 -1,952 -3,069 -10,208 -432 -6,964 -1,794 -1,717 +429 +3,156 -3,412 TOTAL ASSETS 500,770 24,847 194,127 15,189 30,553 36,083 33,069 45,429 17,464 6,214 15,021 21,710 61,063 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 $ 23 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 17,724 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 80 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 $ 63 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 7, 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 453,747 22,700 180,102 13,586 28,167 32,211 29,535 39,988 16,280 4,745 13,271 19,611 53,552 Deposits Depository institutions 17,632 895 3,656 619 1,077 1,128 1,625 3,168 472 304 760 964 2,964 U.S. Treasury--general account 5,580 0 5,580 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 159 5 48 9 9 10 13 17 4 3 5 8 28 Other 225 2 99 1 0 22 1 66 27 2 2 1 2 Total deposits 23,596 902 9,383 628 1,087 1,161 1,640 3,250 502 310 767 973 2,993 Deferred credit items 7,717 441 868 222 268 597 840 628 257 676 553 372 1,996 Other liabilities and accrued dividends (1) 4,581 280 1,424 180 305 422 323 481 194 94 162 183 533 TOTAL LIABILITIES 489,642 24,322 191,777 14,616 29,827 34,390 32,338 44,348 17,233 5,825 14,753 21,138 59,074 CAPITAL ACCOUNTS Capital paid in 5,439 262 1,108 284 356 833 360 527 115 194 134 283 982 Surplus 5,214 254 1,055 273 335 818 338 502 115 189 119 271 945 Other capital accounts 474 9 187 16 35 41 33 52 0 6 14 18 63 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 500,770 24,847 194,127 15,189 30,553 36,083 33,069 45,429 17,464 6,214 15,021 21,710 61,063 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 549,231 27,882 210,472 16,721 31,730 39,249 38,129 46,996 18,515 6,446 15,285 25,904 71,900 Less--Held by F.R. Banks 95,484 5,183 30,370 3,135 3,563 7,039 8,593 7,008 2,235 1,702 2,014 6,293 18,349 F.R. notes, net 453,747 22,700 180,102 13,586 28,167 32,211 29,535 39,988 16,280 4,745 13,271 19,611 53,552 Collateral held against F.R. notes Gold certificate account 11,047 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 433,500 Total collateral 453,747 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.