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 September 10, 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 Sep 9, 1998 Sep 2, 1998 Sep 10, 1997 Sep 9, 1998 Reserve Bank Credit (1,2) 486,298 + 2,444 + 33,207 494,453 U.S. government securities Bought outright-system account (3) 443,535 + 1,214 + 33,668 443,499 Held under repurchase agreements 6,150 + 1,101 - 3,528 10,965 Federal agency obligations Bought outright 451 0 - 505 451 Held under repurchase agreements 2,959 - 466 + 1,141 4,104 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 63 + 50 + 1 4 Seasonal credit 184 - 50 - 188 182 Extended credit 0 0 0 0 Float 406 - 225 - 148 1,804 Other F.R. assets 32,549 + 820 + 2,766 33,446 Gold stock 11,046 0 - 4 11,044 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,990 + 14 + 564 25,990 Total factors supplying reserve funds 532,534 + 2,458 + 33,767 540,688 Currency in circulation* 492,885 + 4,110 + 32,837 494,669 Treasury cash holdings* 92 - 2 - 167 92 Deposits,other than reserve balances,with F.R.Banks Treasury 5,396 - 4 + 684 4,940 Foreign 162 - 4 - 12 171 Service-related balances and adjustments (4) 6,876 + 5 - 121 6,876 Other 358 - 7 + 20 354 Other F.R. liabilities and capital 17,251 + 116 + 1,196 16,832 Total factors, other than reserve balances, absorbing reserve funds 523,020 + 4,214 + 34,437 523,934 Reserve balances with F.R. Banks (5) 9,514 - 1,756 - 670 16,754 On September 9, 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 562,649 million, a change of -$ 4,238 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,966 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,966 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 17,003 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 17,003 million was with foreign official and international accounts. Includes $ 330 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 48 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,696 million and adjustments of $ 180 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 Sep 9, 1998 Sep 2, 1998 Sep 10, 1997 ASSETS Gold certificate account 11,044 - 2 - 6 Special drawing rights certificate account 9,200 0 0 Coin 397 - 12 - 90 Loans 186 - 35 - 183 Acceptances 0 0 0 Federal agency obligations Bought outright 451 0 - 475 Held under repurchase agreements (1) 4,104 + 1,028 + 1,596 U.S. government securities Bought outright--Bills 198,696 + 1,522 + 3,669 Notes (2) 178,827 + 1 + 19,031 Bonds (3) 65,975 0 + 10,984 Total bought outright (4) 443,499 + 1,523 + 33,685 Held under repurchase agreements (1) 10,965 + 5,855 - 1,553 Total U.S. government securities 454,464 + 7,378 + 32,131 Total loans and securities 459,204 + 8,370 + 33,070 Items in process of collection (498) 10,537 + 2,226 + 3,612 Bank premises 1,296 + 3 + 31 Other assets (5) 32,205 + 1,714 + 3,186 TOTAL ASSETS (498) 523,883 + 12,299 + 39,805 LIABILITIES Federal Reserve notes 469,168 + 3,574 + 33,609 Deposits Depository institutions 23,670 + 8,297 + 3,341 U.S. Treasury--general account 4,940 - 433 - 619 Foreign--official accounts 171 - 20 + 16 Other 354 - 8 + 10 Total deposits 29,135 + 7,837 + 2,748 Deferred availability cash items (498) 8,748 + 1,046 + 2,444 Other liabilities and accrued dividends (6) 4,690 - 8 - 238 TOTAL LIABILITIES (498) 511,741 + 12,449 + 38,563 CAPITAL ACCOUNTS Capital paid in 5,945 + 81 + 732 Surplus 5,220 0 + 725 Other capital accounts 976 - 231 - 215 *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 $ 42 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 800 million of inflation-indexed securities valued at the original face amount and $ 6 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 17,003 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 330 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 $ 161 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, September 9, 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 46 0 Within 15 days 20,087 + 6,761 4,152 + 1,028 16 to 90 days 140 0 16 to 90 days 93,576 + 526 5 0 Over 90 days 0 0 91 days to 1 year 144,055 + 90 120 0 Over 1 to 5 years 101,535 0 93 0 Over 5 to 10 years 41,276 0 185 0 Over 10 years 53,935 0 0 0 Total 186 0 Total 454,464 + 7,378 4,555 + 1,028 1 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 48 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 September 9, 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 11,044 582 4,204 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 397 11 23 15 26 37 67 56 21 13 27 51 50 Loans 186 0 0 0 0 0 8 30 32 71 29 1 14 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 451 25 167 13 29 35 27 43 16 5 12 20 57 Held under repurchase agreements(1) 4,104 0 4,104 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 198,696 10,821 73,645 5,777 12,914 15,652 12,087 19,075 6,982 2,183 5,512 9,034 25,013 Notes (2) 178,827 9,739 66,281 5,199 11,622 14,087 10,878 17,168 6,284 1,965 4,961 8,131 22,512 Bonds (3) 65,975 3,593 24,453 1,918 4,288 5,197 4,013 6,334 2,318 725 1,830 3,000 8,305 Total bought outright(4) 443,499 24,154 164,378 12,894 28,824 34,936 26,978 42,577 15,585 4,872 12,303 20,165 55,831 Held under repurchase agreements(1) 10,965 0 10,965 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 454,464 24,154 175,343 12,894 28,824 34,936 26,978 42,577 15,585 4,872 12,303 20,165 55,831 Total loans and securities 459,204 24,178 179,614 12,907 28,853 34,972 27,014 42,650 15,633 4,948 12,344 20,187 55,902 Items in process of collection 11,034 752 1,178 343 622 848 1,149 881 400 945 597 545 2,773 Bank premises 1,296 93 159 50 156 126 79 108 31 131 54 149 161 Other assets(5) 32,205 1,457 10,709 1,361 1,842 3,706 1,886 2,946 804 786 725 1,427 4,556 Interdistrict settlement account 0 -914 +12,891 -513 -3,312 -595 +221 -3,164 -1,307 +342 +1,272 +2,546 -7,469 TOTAL ASSETS 524,381 26,690 211,980 14,769 29,404 40,694 31,736 45,375 16,281 7,416 15,555 25,802 58,678 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 $ 42 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 800 million of inflation-indexed securities valued at the original face amount and $ 6 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 17,003 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 330 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 $ 161 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 September 9, 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 469,168 23,714 196,411 13,149 26,683 34,340 27,376 39,993 14,602 5,472 13,622 22,807 50,999 Deposits Depository institutions 23,670 1,625 5,453 663 1,237 2,789 2,140 2,890 838 712 903 1,776 2,645 U.S. Treasury--general account 4,940 0 4,940 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 171 7 57 8 9 22 9 14 3 5 3 7 26 Other 354 1 98 0 1 77 1 162 0 0 11 1 1 Total deposits 29,135 1,633 10,547 671 1,247 2,888 2,150 3,065 842 718 917 1,784 2,672 Deferred credit items 9,246 529 933 280 363 801 941 763 400 742 572 462 2,459 Other liabilities and accrued dividends (1) 4,690 259 1,594 166 296 385 317 455 185 87 163 222 560 TOTAL LIABILITIES 512,239 26,136 209,486 14,265 28,590 38,414 30,785 44,275 16,029 7,018 15,275 25,275 56,690 CAPITAL ACCOUNTS Capital paid in 5,945 268 1,181 214 398 1,203 471 539 120 199 138 236 980 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 976 32 258 18 81 259 141 59 10 10 24 20 64 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 524,381 26,690 211,980 14,769 29,404 40,694 31,736 45,375 16,281 7,416 15,555 25,802 58,678 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 576,139 27,958 236,013 15,818 30,685 42,055 35,735 49,967 17,404 7,254 16,231 29,330 67,690 Less--Held by F.R. Banks 106,971 4,244 39,601 2,669 4,002 7,716 8,359 9,974 2,802 1,782 2,609 6,523 16,691 F.R. notes, net 469,168 23,714 196,411 13,149 26,683 34,340 27,376 39,993 14,602 5,472 13,622 22,807 50,999 Collateral held against F.R. notes Gold certificate account 11,044 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 448,924 Total collateral 469,168 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.