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 November 12, 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 Nov 11, 1998 Nov 4, 1998 Nov 12, 1997 Nov 11, 1998 Reserve Bank Credit (1,2) 493,079 - 796 + 33,710 495,062 U.S. government securities Bought outright-system account (3) 450,355 + 228 + 36,763 451,665 Held under repurchase agreements 1,903 - 1,430 - 7,691 940 Federal agency obligations Bought outright 373 - 13 - 312 373 Held under repurchase agreements 3,188 - 690 + 1,686 3,605 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 13 - 22 + 12 3 Seasonal credit 46 - 21 - 67 36 Extended credit 0 0 0 0 Float 1,034 + 1,119 + 274 2,245 Other F.R. assets 36,167 + 33 + 3,046 36,196 Gold stock 11,041 0 - 9 11,041 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,124 + 14 + 531 26,124 Total factors supplying reserve funds 539,445 - 782 + 34,232 541,427 Currency in circulation* 501,024 + 2,727 + 35,291 503,138 Treasury cash holdings* 87 - 1 - 161 86 Deposits,other than reserve balances,with F.R.Banks Treasury 5,256 + 226 - 82 5,271 Foreign 185 + 21 - 57 157 Service-related balances and adjustments (4) 6,810 - 53 - 226 6,810 Other 416 + 10 + 54 390 Other F.R. liabilities and capital 18,138 + 89 + 1,895 18,258 Total factors, other than reserve balances, absorbing reserve funds 531,917 + 3,019 + 36,714 534,109 Reserve balances with F.R. Banks (5) 7,528 - 3,801 - 2,482 7,318 On November 11, 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 578,930 million, a change of +$ 3,165 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 18,411 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 18,411 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 17,943 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 17,943 million was with foreign official and international accounts. Includes $ 190 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 $ 60 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,666 million and adjustments of $ 144 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 Nov 11, 1998 Nov 4, 1998 Nov 12, 1997 ASSETS Gold certificate account 11,041 0 - 9 Special drawing rights certificate account 9,200 0 0 Coin 408 - 1 - 102 Loans 39 - 22 - 74 Acceptances 0 0 0 Federal agency obligations Bought outright 373 0 - 312 Held under repurchase agreements (1) 3,605 + 371 + 2,032 U.S. government securities Bought outright--Bills 197,757 + 98 + 4,055 Notes (2) 186,206 + 1,172 + 21,678 Bonds (3) 67,702 + 6 + 11,644 Total bought outright (4) 451,665 + 1,277 + 37,377 Held under repurchase agreements (1) 940 - 1,110 - 9,810 Total U.S. government securities 452,605 + 167 + 27,567 Total loans and securities 456,622 + 516 + 29,213 Items in process of collection (375) 10,370 + 2,441 + 3,865 Bank premises 1,295 + 1 + 18 Other assets (5) 34,958 - 7 + 1,922 TOTAL ASSETS (375) 523,894 + 2,949 + 34,907 LIABILITIES Federal Reserve notes 477,508 + 3,078 + 34,684 Deposits Depository institutions 14,186 - 134 - 4,280 U.S. Treasury--general account 5,271 - 643 - 237 Foreign--official accounts 157 - 34 - 31 Other 390 - 49 + 41 Total deposits 20,003 - 860 - 4,506 Deferred availability cash items (375) 8,126 + 335 + 2,207 Other liabilities and accrued dividends (6) 4,356 - 38 - 387 TOTAL LIABILITIES (375) 509,992 + 2,515 + 31,998 CAPITAL ACCOUNTS Capital paid in 5,932 + 10 + 651 Surplus 5,220 0 + 832 Other capital accounts 2,749 + 424 + 1,426 *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 $ 52 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 $ 9 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 17,943 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 190 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 $ 165 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, November 11, 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 5 0 Within 15 days 17,639 + 2,338 3,610 + 376 16 to 90 days 34 0 16 to 90 days 95,103 + 3,375 32 - 5 Over 90 days 0 0 91 days to 1 year 134,307 - 6,725 100 + 7 Over 1 to 5 years 107,911 + 1,178 51 - 7 Over 5 to 10 years 42,035 0 185 0 Over 10 years 55,611 0 0 0 Total 39 0 Total 452,605 + 167 3,978 + 371 1 Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and $ 60 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 November 11, 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 11,041 582 4,201 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 408 27 19 18 18 48 59 50 20 15 31 45 58 Loans 39 0 0 1 0 0 0 2 8 12 13 0 2 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 373 20 138 11 24 29 23 36 13 4 10 17 47 Held under repurchase agreements(1) 3,605 0 3,605 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,757 10,770 73,297 5,750 12,853 15,578 12,030 18,985 6,949 2,173 5,486 8,992 24,895 Notes (2) 186,206 10,141 69,015 5,414 12,102 14,668 11,327 17,876 6,544 2,046 5,165 8,467 23,441 Bonds (3) 67,702 3,687 25,093 1,968 4,400 5,333 4,118 6,500 2,379 744 1,878 3,078 8,523 Total bought outright(4) 451,665 24,599 167,405 13,132 29,355 35,580 27,475 43,361 15,872 4,962 12,529 20,537 56,859 Held under repurchase agreements(1) 940 0 940 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 452,605 24,599 168,345 13,132 29,355 35,580 27,475 43,361 15,872 4,962 12,529 20,537 56,859 Total loans and securities 456,622 24,619 172,089 13,143 29,379 35,609 27,498 43,399 15,893 4,979 12,553 20,554 56,908 Items in process of collection 10,746 697 1,384 -21 570 1,047 1,152 820 634 875 652 535 2,401 Bank premises 1,295 93 158 50 156 125 80 107 31 131 54 149 161 Other assets(5) 34,958 1,693 10,329 1,503 2,148 4,207 2,156 3,352 938 890 846 1,650 5,246 Interdistrict settlement account 0 -2,984 +19,569 +923 -4,721 +1,091 -2,236 -2,532 -2,257 +226 +827 +2,564 -10,470 TOTAL ASSETS 524,270 25,257 210,952 16,221 28,767 43,727 30,028 47,092 15,957 7,366 15,499 26,394 57,010 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 $ 52 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 $ 9 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 17,943 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 190 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 $ 165 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 November 11, 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 477,508 23,361 197,303 14,731 26,188 38,730 26,490 42,523 14,469 5,703 13,840 23,953 50,215 Deposits Depository institutions 14,186 518 2,767 532 1,016 1,183 1,348 1,973 633 454 659 1,258 1,846 U.S. Treasury--general account 5,271 0 5,271 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 157 7 42 8 9 22 9 14 3 5 3 7 26 Other 390 1 102 0 3 89 2 168 4 0 17 2 2 Total deposits 20,003 526 8,182 540 1,028 1,294 1,359 2,154 640 459 679 1,267 1,874 Deferred credit items 8,501 495 1,048 230 350 659 930 714 385 667 503 368 2,151 Other liabilities and accrued dividends (1) 4,356 242 1,470 158 280 359 294 419 169 85 152 209 519 TOTAL LIABILITIES 510,368 24,624 208,003 15,659 27,846 41,043 29,073 45,811 15,663 6,914 15,175 25,797 54,759 CAPITAL ACCOUNTS Capital paid in 5,932 268 1,202 211 398 1,224 421 549 119 202 138 233 967 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 2,749 112 692 79 187 642 195 230 53 61 67 92 338 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 524,270 25,257 210,952 16,221 28,767 43,727 30,028 47,092 15,957 7,366 15,499 26,394 57,010 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 594,511 28,033 240,223 17,612 30,202 47,286 37,067 53,120 17,139 7,357 16,675 31,476 68,321 Less--Held by F.R. Banks 117,003 4,672 42,920 2,881 4,014 8,555 10,576 10,597 2,669 1,654 2,835 7,523 18,106 F.R. notes, net 477,508 23,361 197,303 14,731 26,188 38,730 26,490 42,523 14,469 5,703 13,840 23,953 50,215 Collateral held against F.R. notes Gold certificate account 11,041 Special drawing rights certificate account 9,200 Other eligible assets 683 U.S. govt. and agency securities 456,583 Total collateral 477,508 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.