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 December 24, 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 Dec 23, 1998 Dec 16, 1998 Dec 24, 1997 Dec 23, 1998 Reserve Bank Credit (1,2) 504,289 + 1,171 + 32,643 508,123 U.S. government securities Bought outright-system account (3) 453,111 - 908 + 23,913 454,657 Held under repurchase agreements 8,098 + 1,189 + 827 7,845 Federal agency obligations Bought outright 338 0 - 347 338 Held under repurchase agreements 5,767 - 613 + 4,284 5,742 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 8 - 17 - 83 21 Seasonal credit 16 + 3 - 62 21 Extended credit 0 0 0 0 Float 1,801 + 1,212 + 896 4,241 Other F.R. assets 35,152 + 305 + 3,216 35,259 Gold stock 11,041 0 - 8 11,041 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,163 + 14 + 559 26,163 Total factors supplying reserve funds 550,693 + 1,185 + 33,194 554,526 Currency in circulation* 511,381 + 3,674 + 34,260 515,667 Treasury cash holdings* 84 - 2 - 145 85 Deposits,other than reserve balances,with F.R.Banks Treasury 5,434 - 889 + 434 3,837 Foreign 194 - 1 + 38 175 Service-related balances and adjustments (4) 6,977 + 273 - 9 6,977 Other 231 - 59 - 102 175 Other F.R. liabilities and capital 17,197 + 84 + 854 16,969 Total factors, other than reserve balances, absorbing reserve funds 541,499 + 3,080 + 35,330 543,886 Reserve balances with F.R. Banks (5) 9,194 - 1,895 - 2,136 10,640 On December 23, 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 599,533 million, a change of +$ 1,945 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 19,954 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 19,954 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 18,409 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 18,409 million was with foreign official and international accounts. Includes $ 150 million securities loaned--fully secured U.S. government securities. 3 Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and $ 77 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,583 million and adjustments of $ 394 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 Dec 23, 1998 Dec 16, 1998 Dec 24, 1997 ASSETS Gold certificate account 11,041 0 - 7 Special drawing rights certificate account 9,200 0 0 Coin 392 - 7 - 93 Loans 42 - 118 - 54 Acceptances 0 0 0 Federal agency obligations Bought outright 338 0 - 347 Held under repurchase agreements (1) 5,742 - 1,439 + 3,840 U.S. government securities Bought outright--Bills 197,291 - 380 - 1,156 Notes (2) 187,893 + 2 + 13,688 Bonds (3) 69,473 0 + 10,066 Total bought outright (4) 454,657 - 378 + 22,598 Held under repurchase agreements (1) 7,845 + 2,143 + 722 Total U.S. government securities 462,502 + 1,765 + 23,320 Total loans and securities 468,623 + 208 + 26,759 Items in process of collection (535) 11,532 + 2,780 + 648 Bank premises 1,297 + 1 + 26 Other assets (5) 34,199 + 702 + 3,811 TOTAL ASSETS (535) 536,284 + 3,685 + 31,143 LIABILITIES Federal Reserve notes 489,982 + 5,804 + 34,349 Deposits Depository institutions 17,024 + 2,362 - 3,073 U.S. Treasury--general account 3,837 - 4,791 - 1,112 Foreign--official accounts 175 + 5 + 18 Other 175 - 88 - 121 Total deposits 21,211 - 2,511 - 4,288 Deferred availability cash items (535) 8,122 + 387 + 252 Other liabilities and accrued dividends (6) 4,448 - 29 - 484 TOTAL LIABILITIES (535) 523,763 + 3,651 + 29,829 CAPITAL ACCOUNTS Capital paid in 5,948 + 6 + 506 Surplus 5,220 0 + 832 Other capital accounts 1,352 + 27 - 24 *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 $ 2,867 million of inflation-indexed securities valued at the original face amount and $ 66 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 11 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,409 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 150 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 $ 15 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, December 23, 1998 Holdings of securities include securitites held under repurchase agreements, which are classified according to remaining maturity. Millions of dollars U.S. government Federal agency Loans Acceptances securities (1) obligations Weekly Weekly Holdings changes Holdings changes Within 15 days 42 0 Within 15 days 14,480 + 1,999 2,389 - 2,164 16 to 90 days 0 0 16 to 90 days 102,661 - 101 3,380 + 725 Over 90 days 0 0 91 days to 1 year 137,522 - 135 75 0 Over 1 to 5 years 107,350 + 1 61 0 Over 5 to 10 years 44,821 + 1 175 0 Over 10 years 55,668 0 0 0 Total 42 0 Total 462,502 + 1,765 6,080 - 1,439 1 Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and $ 77 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 December 23, 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 392 28 17 23 17 56 49 41 21 17 26 41 56 Loans 42 2 0 5 0 0 2 3 2 6 7 0 15 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 338 18 125 10 22 27 21 32 12 4 9 15 42 Held under repurchase agreements(1) 5,742 0 5,742 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,291 10,745 73,124 5,736 12,822 15,541 12,001 18,940 6,933 2,167 5,473 8,971 24,836 Notes (2) 187,893 10,233 69,641 5,463 12,212 14,801 11,430 18,038 6,603 2,064 5,212 8,543 23,653 Bonds (3) 69,473 3,784 25,750 2,020 4,515 5,473 4,226 6,670 2,441 763 1,927 3,159 8,746 Total bought outright(4) 454,657 24,762 168,514 13,219 29,549 35,815 27,657 43,648 15,977 4,995 12,612 20,673 57,236 Held under repurchase agreements(1) 7,845 0 7,845 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 462,502 24,762 176,359 13,219 29,549 35,815 27,657 43,648 15,977 4,995 12,612 20,673 57,236 Total loans and securities 468,623 24,782 182,226 13,233 29,571 35,842 27,680 43,683 15,991 5,004 12,629 20,688 57,293 Items in process of collection 12,067 790 1,244 560 834 756 1,304 939 891 747 546 841 2,615 Bank premises 1,297 94 158 51 156 125 81 107 31 131 54 149 162 Other assets(5) 34,199 1,601 10,872 1,474 2,035 4,028 2,053 3,038 886 851 801 1,570 4,991 Interdistrict settlement account 0 +38 +5,139 +1,915 -5,100 +3,866 +4,327 -586 -2,332 +735 +1,035 +1,401 -10,437 TOTAL ASSETS 536,819 28,444 207,059 17,861 28,730 46,272 36,813 49,119 16,187 7,735 15,628 25,586 57,386 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 $ 2,867 million of inflation-indexed securities valued at the original face amount and $ 66 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 11 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,409 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 150 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 $ 15 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 December 23, 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 489,982 26,428 193,364 16,410 26,100 41,394 33,194 44,346 14,674 6,147 14,216 23,080 50,628 Deposits Depository institutions 17,024 702 4,570 498 1,150 1,286 1,317 2,403 707 425 510 1,344 2,110 U.S. Treasury--general account 3,837 0 3,837 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 175 7 60 8 9 22 9 14 3 5 3 7 26 Other 175 0 98 2 3 28 4 16 1 1 18 1 2 Total deposits 21,211 710 8,566 508 1,162 1,336 1,330 2,433 711 432 532 1,353 2,138 Deferred credit items 8,657 507 974 323 360 667 1,125 712 374 666 432 425 2,093 Other liabilities and accrued dividends (1) 4,448 243 1,543 157 281 367 295 422 169 86 153 208 523 TOTAL LIABILITIES 524,298 27,888 204,446 17,398 27,903 43,764 35,944 47,913 15,928 7,331 15,333 25,066 55,382 CAPITAL ACCOUNTS Capital paid in 5,948 267 1,208 177 398 1,237 418 582 120 202 140 227 972 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 1,352 35 350 14 92 452 112 123 17 14 36 22 87 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 536,819 28,444 207,059 17,861 28,730 46,272 36,813 49,119 16,187 7,735 15,628 25,586 57,386 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 613,352 30,366 240,100 18,526 29,625 51,049 44,702 54,249 17,353 7,717 17,259 33,780 68,626 Less--Held by F.R. Banks 123,370 3,938 46,737 2,116 3,525 9,654 11,508 9,904 2,679 1,570 3,042 10,700 17,997 F.R. notes, net 489,982 26,428 193,364 16,410 26,100 41,394 33,194 44,346 14,674 6,147 14,216 23,080 50,628 Collateral held against F.R. notes Gold certificate account 11,041 Special drawing rights certificate account 9,200 Other eligible assets 1,159 U.S. govt. and agency securities 468,581 Total collateral 489,982 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.