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 21, 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 May 20, 1998 May 13, 1998 May 21, 1997 May 20, 1998 Reserve Bank Credit (1,2) 474,000 + 4,875 + 31,726 478,383 U.S. government securities Bought outright-system account (3) 441,514 + 6,914 + 35,607 442,820 Held under repurchase agreements 421 + 421 - 4,422 2,945 Federal agency obligations Bought outright 551 0 - 1,420 551 Held under repurchase agreements 150 + 150 - 249 1,050 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 6 - 148 - 19 25 Seasonal credit 97 + 24 - 86 110 Extended credit 0 0 0 0 Float 748 - 342 + 353 556 Other F.R. assets 30,514 - 2,145 + 1,962 30,327 Gold stock 11,048 0 - 3 11,048 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,886 + 14 + 622 25,886 Total factors supplying reserve funds 520,134 + 4,889 + 32,346 524,517 Currency in circulation* 478,490 + 54 + 30,175 479,942 Treasury cash holdings* 247 - 1 - 76 238 Deposits,other than reserve balances,with F.R.Banks Treasury 5,428 - 628 + 252 4,697 Foreign 167 + 1 + 2 174 Service-related balances and adjustments (4) 6,784 + 137 - 329 6,784 Other 368 - 9 + 8 371 Other F.R. liabilities and capital 16,463 - 228 + 1,417 16,251 Total factors, other than reserve balances, absorbing reserve funds 507,946 - 674 + 31,448 508,457 Reserve balances with F.R. Banks (5) 12,187 + 5,563 + 898 16,059 On May 20, 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 608,700 million, a change of +$ 1,838 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,687 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 15,925 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 15,382 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 15,382 million was with foreign official and international accounts. Includes $ 213 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 30 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,446 million and adjustments of $ 338 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 20, 1998 May 13, 1998 May 21, 1997 ASSETS Gold certificate account 11,048 0 - 3 Special drawing rights certificate account 9,200 0 0 Coin 434 - 15 - 132 Loans 135 + 45 - 78 Acceptances 0 0 0 Federal agency obligations Bought outright 551 0 - 1,420 Held under repurchase agreements (1) 1,050 + 1,050 - 503 U.S. government securities Bought outright--Bills 200,318 + 5,175 + 4,917 Notes (2) 180,589 + 1 + 22,819 Bonds (3) 61,914 0 + 8,998 Total bought outright (4) 442,820 + 5,176 + 36,733 Held under repurchase agreements (1) 2,945 + 2,945 - 5,123 Total U.S. government securities 445,765 + 8,121 + 31,610 Total loans and securities 447,500 + 9,216 + 29,609 Items in process of collection (398) 7,187 + 439 + 996 Bank premises 1,288 + 1 + 45 Other assets (5) 28,925 - 2,454 + 1,214 TOTAL ASSETS (398) 505,582 + 7,187 + 31,729 LIABILITIES Federal Reserve notes 454,728 + 618 + 29,455 Deposits Depository institutions 22,726 + 6,605 + 622 U.S. Treasury--general account 4,697 - 431 - 610 Foreign--official accounts 174 + 19 + 11 Other 371 - 2 + 1 Total deposits 27,968 + 6,192 + 25 Deferred availability cash items (398) 6,635 + 294 + 825 Other liabilities and accrued dividends (6) 4,715 - 56 - 129 TOTAL LIABILITIES (398) 494,046 + 7,047 + 30,176 CAPITAL ACCOUNTS Capital paid in 5,658 + 94 + 842 Surplus 5,220 0 + 725 Other capital accounts 658 + 45 - 14 *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 $ 2,050 million of inflation-indexed securities valued at the original face amount and $ 29 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 400 million of inflation-indexed securities valued at the original face amount and $ 1 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 15,382 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 213 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 $ 183 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 20, 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 123 0 Within 15 days 17,747 + 4,434 1,050 + 1,050 16 to 90 days 12 0 16 to 90 days 91,940 + 4,080 50 0 Over 90 days 0 0 91 days to 1 year 145,420 - 878 125 0 Over 1 to 5 years 96,868 - 1,905 126 0 Over 5 to 10 years 43,013 + 2,389 225 0 Over 10 years 50,777 0 25 0 Total 135 0 Total 445,765 + 8,121 1,601 + 1,050 1 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 30 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 20, 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 11,048 582 4,208 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 434 22 25 33 26 48 48 58 20 20 41 36 57 Loans 135 0 0 0 0 0 5 53 17 31 19 0 11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 551 30 204 16 36 43 33 53 19 6 15 25 69 Held under repurchase agreements(1) 1,050 0 1,050 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 200,318 10,910 74,246 5,824 13,019 15,780 12,185 19,231 7,039 2,201 5,557 9,108 25,217 Notes (2) 180,589 9,835 66,933 5,250 11,737 14,226 10,985 17,337 6,346 1,984 5,010 8,211 22,734 Bonds (3) 61,914 3,372 22,948 1,800 4,024 4,877 3,766 5,944 2,176 680 1,718 2,815 7,794 Total bought outright(4) 442,820 24,117 164,127 12,874 28,780 34,883 26,937 42,512 15,561 4,865 12,284 20,134 55,745 Held under repurchase agreements(1) 2,945 0 2,945 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 445,765 24,117 167,072 12,874 28,780 34,883 26,937 42,512 15,561 4,865 12,284 20,134 55,745 Total loans and securities 447,500 24,147 168,326 12,890 28,816 34,926 26,975 42,618 15,598 4,901 12,318 20,159 55,825 Items in process of collection 7,586 427 757 392 379 576 772 719 350 644 370 375 1,824 Bank premises 1,288 93 157 50 145 126 82 108 31 132 54 150 160 Other assets(5) 28,925 1,390 8,432 1,211 1,762 3,593 1,773 2,804 762 766 693 1,365 4,373 Interdistrict settlement account 0 -1,584 +9,101 -352 -508 -2,863 -282 -189 -679 +618 +1,683 +2,906 -7,851 TOTAL ASSETS 505,981 25,607 194,209 14,830 31,836 38,006 30,688 48,016 16,780 7,331 15,695 25,888 57,096 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 $ 2,050 million of inflation-indexed securities valued at the original face amount and $ 29 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 400 million of inflation-indexed securities valued at the original face amount and $ 1 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 15,382 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 213 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 $ 183 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 20, 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 454,728 22,552 180,469 12,861 28,605 32,917 26,891 42,052 15,380 5,413 14,013 23,338 50,238 Deposits Depository institutions 22,726 1,886 4,177 1,010 1,767 2,176 1,868 3,638 700 844 817 1,415 2,428 U.S. Treasury--general account 4,697 0 4,697 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 174 7 59 8 9 22 9 14 3 5 3 7 26 Other 371 1 101 0 3 77 1 185 0 0 2 1 1 Total deposits 27,968 1,894 9,034 1,018 1,779 2,275 1,878 3,837 703 849 822 1,423 2,455 Deferred credit items 7,034 405 681 224 362 523 759 592 272 599 421 374 1,823 Other liabilities and accrued dividends (1) 4,715 263 1,565 171 302 394 327 457 183 89 164 225 575 TOTAL LIABILITIES 494,445 25,113 191,749 14,274 31,048 36,109 29,855 46,939 16,538 6,950 15,419 25,360 55,091 CAPITAL ACCOUNTS Capital paid in 5,658 214 1,161 267 385 981 457 527 116 191 135 234 990 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 658 27 244 16 68 98 36 48 5 2 22 23 70 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 505,981 25,607 194,209 14,830 31,836 38,006 30,688 48,016 16,780 7,331 15,695 25,888 57,096 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 564,878 26,690 226,188 15,460 31,810 39,901 35,496 50,894 17,681 7,061 16,280 29,008 68,411 Less--Held by F.R. Banks 110,149 4,138 45,719 2,599 3,205 6,984 8,604 8,842 2,301 1,648 2,267 5,670 18,172 F.R. notes, net 454,728 22,552 180,469 12,861 28,605 32,917 26,891 42,052 15,380 5,413 14,013 23,338 50,238 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 434,480 Total collateral 454,728 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.