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 October 22, 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 Oct 21, 1998 Oct 14, 1998 Oct 22, 1997 Oct 21, 1998 Reserve Bank Credit (1,2) 490,871 + 2,213 + 35,554 492,341 U.S. government securities Bought outright-system account (3) 447,289 - 384 + 32,204 448,032 Held under repurchase agreements 4,096 + 1,424 - 1,890 4,115 Federal agency obligations Bought outright 388 - 13 - 367 388 Held under repurchase agreements 4,415 + 1,338 + 3,439 5,488 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 4 - 27 - 29 0 Seasonal credit 99 - 11 - 109 94 Extended credit 0 0 0 0 Float -142 - 721 - 608 -230 Other F.R. assets 34,722 + 606 + 2,914 34,453 Gold stock 11,044 0 - 6 11,044 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,014 + 14 + 474 26,014 Total factors supplying reserve funds 537,128 + 2,227 + 36,022 538,598 Currency in circulation* 497,168 - 143 + 35,654 497,571 Treasury cash holdings* 92 0 - 148 91 Deposits,other than reserve balances,with F.R.Banks Treasury 5,322 - 158 - 205 4,842 Foreign 209 - 112 + 10 177 Service-related balances and adjustments (4) 6,954 - 103 + 81 6,954 Other 408 - 9 + 33 398 Other F.R. liabilities and capital 17,218 + 140 + 1,117 17,025 Total factors, other than reserve balances, absorbing reserve funds 527,370 - 385 + 36,542 527,058 Reserve balances with F.R. Banks (5) 9,759 + 2,612 - 520 11,540 On October 21, 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 575,818 million, a change of +$ 3,908 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 19,055 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 19,055 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 18,313 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 18,313 million was with foreign official and international accounts. Includes $ 772 million securities loaned--fully secured U.S. government securities. 3 Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and $ 58 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,668 million and adjustments of $ 286 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 Oct 21, 1998 Oct 14, 1998 Oct 22, 1997 ASSETS Gold certificate account 11,044 0 - 7 Special drawing rights certificate account 9,200 0 0 Coin 413 + 1 - 106 Loans 95 - 115 - 122 Acceptances 0 0 0 Federal agency obligations Bought outright 388 0 - 358 Held under repurchase agreements (1) 5,488 + 918 + 3,866 U.S. government securities Bought outright--Bills 197,387 + 942 + 1,056 Notes (2) 183,591 - 597 + 20,516 Bonds (3) 67,055 0 + 10,996 Total bought outright (4) 448,032 + 346 + 32,567 Held under repurchase agreements (1) 4,115 + 2,070 - 8,399 Total U.S. government securities 452,147 + 2,416 + 24,168 Total loans and securities 458,117 + 3,218 + 27,554 Items in process of collection (634) 6,965 - 4,635 - 141 Bank premises 1,296 0 + 23 Other assets (5) 33,178 + 180 + 2,137 TOTAL ASSETS (634) 520,213 - 1,236 + 29,460 LIABILITIES Federal Reserve notes 472,061 - 894 + 35,257 Deposits Depository institutions 18,773 + 2,393 - 6,783 U.S. Treasury--general account 4,842 - 53 - 744 Foreign--official accounts 177 - 12 - 28 Other 398 0 + 33 Total deposits 24,190 + 2,329 - 7,522 Deferred availability cash items (634) 6,937 - 2,818 + 622 Other liabilities and accrued dividends (6) 4,588 + 138 - 383 TOTAL LIABILITIES (634) 507,776 - 1,245 + 27,974 CAPITAL ACCOUNTS Capital paid in 5,916 + 1 + 657 Surplus 5,220 0 + 832 Other capital accounts 1,300 + 8 - 3 *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 $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 50 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 $ 8 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,313 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 772 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 $ 170 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, October 21, 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 88 0 Within 15 days 13,874 - 3,178 5,488 + 918 16 to 90 days 6 0 16 to 90 days 94,188 + 235 50 0 Over 90 days 0 0 91 days to 1 year 141,674 + 5,359 85 0 Over 1 to 5 years 105,383 - 406 68 0 Over 5 to 10 years 42,033 + 405 185 0 Over 10 years 54,994 0 0 0 Total 95 0 Total 452,147 + 2,416 5,876 + 918 1 Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and $ 58 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 October 21, 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 413 21 18 17 18 47 65 58 20 16 32 48 52 Loans 95 1 0 0 0 0 2 11 18 36 25 1 0 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 388 21 144 11 25 31 24 37 14 4 11 18 49 Held under repurchase agreements(1) 5,488 0 5,488 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,387 10,750 73,159 5,739 12,829 15,549 12,007 18,949 6,936 2,168 5,476 8,975 24,848 Notes (2) 183,591 9,999 68,046 5,338 11,932 14,462 11,168 17,625 6,452 2,017 5,093 8,348 23,112 Bonds (3) 67,055 3,652 24,853 1,950 4,358 5,282 4,079 6,437 2,356 737 1,860 3,049 8,441 Total bought outright(4) 448,032 24,401 166,059 13,026 29,119 35,293 27,254 43,012 15,745 4,922 12,429 20,371 56,402 Held under repurchase agreements(1) 4,115 0 4,115 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 452,147 24,401 170,174 13,026 29,119 35,293 27,254 43,012 15,745 4,922 12,429 20,371 56,402 Total loans and securities 458,117 24,423 175,805 13,037 29,144 35,324 27,280 43,060 15,776 4,963 12,464 20,390 56,450 Items in process of collection 7,599 511 811 310 298 468 860 809 383 625 493 304 1,726 Bank premises 1,296 93 158 50 157 125 80 107 31 131 54 149 161 Other assets(5) 33,178 1,598 9,924 1,429 2,019 3,978 2,035 3,172 889 838 796 1,556 4,943 Interdistrict settlement account 0 -1,638 +18,269 -717 -4,448 -1,518 -755 -2,473 -2,051 +670 +1,172 +2,954 -9,465 TOTAL ASSETS 520,847 26,121 212,392 14,732 28,405 40,024 30,884 46,631 15,747 7,494 15,547 26,299 56,573 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 $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 50 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 $ 8 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,313 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 772 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 $ 170 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 October 21, 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 472,061 22,949 198,926 13,166 25,792 34,434 27,254 41,823 14,295 5,590 13,951 23,655 50,224 Deposits Depository institutions 18,773 1,903 3,602 658 1,125 2,031 1,487 2,343 690 764 703 1,541 1,926 U.S. Treasury--general account 4,842 0 4,842 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 177 7 63 8 9 22 9 14 3 5 3 7 26 Other 398 4 104 1 3 96 5 171 2 0 8 2 3 Total deposits 24,190 1,914 8,610 667 1,137 2,149 1,501 2,528 696 770 714 1,551 1,955 Deferred credit items 7,571 442 708 234 359 647 909 705 317 639 434 352 1,826 Other liabilities and accrued dividends (1) 4,588 254 1,570 164 289 375 309 436 181 89 158 216 547 TOTAL LIABILITIES 508,410 25,559 209,814 14,230 27,577 37,606 29,973 45,492 15,489 7,088 15,256 25,774 54,552 CAPITAL ACCOUNTS Capital paid in 5,916 268 1,186 213 398 1,223 410 546 120 200 138 234 980 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 1,300 41 336 16 95 377 162 91 16 17 34 21 97 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 520,847 26,121 212,392 14,732 28,405 40,024 30,884 46,631 15,747 7,494 15,547 26,299 56,573 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 586,916 27,860 239,763 16,345 30,341 43,144 37,142 52,788 17,013 7,346 16,599 30,137 68,437 Less--Held by F.R. Banks 114,855 4,911 40,836 3,180 4,549 8,710 9,888 10,965 2,717 1,756 2,648 6,482 18,213 F.R. notes, net 472,061 22,949 198,926 13,166 25,792 34,434 27,254 41,823 14,295 5,590 13,951 23,655 50,224 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 451,817 Total collateral 472,061 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.