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 31, 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 30, 1998 Dec 23, 1998 Dec 31, 1997 Dec 30, 1998 Reserve Bank Credit (1,2) 511,015 + 6,726 + 34,760 517,658 U.S. government securities Bought outright-system account (3) 454,191 + 1,080 + 23,324 454,772 Held under repurchase agreements 11,000 + 2,903 + 1,083 15,549 Federal agency obligations Bought outright 338 0 - 347 338 Held under repurchase agreements 5,570 - 197 + 4,068 7,388 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 345 + 337 - 327 1,642 Seasonal credit 20 + 5 - 44 27 Extended credit 0 0 0 0 Float 3,443 + 1,643 + 2,678 926 Other F.R. assets 36,107 + 955 + 4,325 37,016 Gold stock 11,043 + 2 - 5 11,046 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,177 + 14 + 571 26,177 Total factors supplying reserve funds 557,434 + 6,742 + 35,325 564,081 Currency in circulation* 516,707 + 5,326 + 35,162 518,257 Treasury cash holdings* 85 0 - 144 85 Deposits,other than reserve balances,with F.R.Banks Treasury 7,195 + 1,761 + 2,437 10,174 Foreign 174 - 20 - 39 166 Service-related balances and adjustments (4) 6,853 - 124 - 100 6,853 Other 235 + 4 - 130 164 Other F.R. liabilities and capital 17,152 - 45 + 929 16,957 Total factors, other than reserve balances, absorbing reserve funds 548,401 + 6,903 + 38,115 552,655 Reserve balances with F.R. Banks (5) 9,033 - 161 - 2,790 11,426 On December 30, 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 594,076 million, a change of -$ 5,457 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 18,876 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 18,876 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 18,295 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 18,295 million was with foreign official and international accounts. Includes $ 438 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 $ 79 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,584 million and adjustments of $ 269 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 30, 1998 Dec 23, 1998 Dec 31, 1997 ASSETS Gold certificate account 11,046 + 5 - 1 Special drawing rights certificate account 9,200 0 0 Coin 360 - 32 - 100 Loans 1,669 + 1,627 - 366 Acceptances 0 0 0 Federal agency obligations Bought outright 338 0 - 347 Held under repurchase agreements (1) 7,388 + 1,646 + 4,736 U.S. government securities Bought outright--Bills 197,404 + 113 + 281 Notes (2) 187,895 + 2 + 13,689 Bonds (3) 69,474 0 + 10,067 Total bought outright (4) 454,772 + 115 + 24,037 Held under repurchase agreements (1) 15,549 + 7,704 - 5,639 Total U.S. government securities 470,321 + 7,819 + 18,398 Total loans and securities 479,716 + 11,092 + 22,420 Items in process of collection (517) 8,895 - 2,637 + 1,095 Bank premises 1,297 0 + 25 Other assets (5) 35,809 + 1,610 + 5,036 TOTAL ASSETS (517) 546,322 + 10,038 + 28,475 LIABILITIES Federal Reserve notes 492,524 + 2,543 + 35,056 Deposits Depository institutions 18,931 + 1,907 - 11,907 U.S. Treasury--general account 10,174 + 6,337 + 4,730 Foreign--official accounts 166 - 9 - 291 Other 164 - 11 - 736 Total deposits 29,435 + 8,224 - 8,204 Deferred availability cash items (517) 7,406 - 716 + 167 Other liabilities and accrued dividends (6) 4,464 + 16 - 382 TOTAL LIABILITIES (517) 533,829 + 10,066 + 26,636 CAPITAL ACCOUNTS Capital paid in 5,951 + 3 + 518 Surplus 5,246 + 25 + 25 Other capital accounts 1,296 - 56 + 1,296 *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 $ 68 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 $ 18,295 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 438 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 $ 0 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 30, 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 1,668 0 Within 15 days 23,470 + 8,990 4,035 + 1,646 16 to 90 days 1 0 16 to 90 days 101,758 - 903 3,380 0 Over 90 days 0 0 91 days to 1 year 137,252 - 270 75 0 Over 1 to 5 years 107,350 + 1 61 0 Over 5 to 10 years 44,822 + 1 175 0 Over 10 years 55,668 0 0 0 Total 1,669 0 Total 470,321 + 7,819 7,726 + 1,646 1 Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and $ 79 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 30, 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 11,046 582 4,206 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 360 25 15 23 16 52 43 36 19 16 24 38 53 Loans 1,669 1 1,630 5 0 0 4 5 9 4 7 0 4 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) 7,388 0 7,388 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,404 10,751 73,166 5,739 12,830 15,550 12,008 18,951 6,937 2,169 5,476 8,976 24,851 Notes (2) 187,895 10,233 69,641 5,463 12,212 14,801 11,430 18,038 6,603 2,064 5,212 8,543 23,654 Bonds (3) 69,474 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) 454,772 24,768 168,557 13,222 29,557 35,824 27,664 43,659 15,981 4,996 12,616 20,678 57,250 Held under repurchase agreements(1) 15,549 0 15,549 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 470,321 24,768 184,106 13,222 29,557 35,824 27,664 43,659 15,981 4,996 12,616 20,678 57,250 Total loans and securities 479,716 24,787 193,249 13,236 29,579 35,851 27,689 43,696 16,003 5,004 12,632 20,693 57,297 Items in process of collection 9,412 628 949 362 780 525 1,047 844 505 616 548 399 2,210 Bank premises 1,297 94 158 50 156 125 82 107 31 131 54 148 161 Other assets(5) 35,809 1,625 12,238 1,483 2,062 4,063 2,071 3,059 899 858 810 1,601 5,039 Interdistrict settlement account 0 +551 +170 +2,134 -4,940 +4,263 +4,812 -551 -1,527 +1,347 +1,214 +2,102 -9,574 TOTAL ASSETS 546,840 28,822 214,187 17,893 28,870 46,479 37,063 49,088 16,627 8,223 15,818 25,878 57,892 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 $ 68 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 $ 18,295 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 438 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 $ 0 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 30, 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 492,524 26,460 194,155 16,456 26,257 41,714 33,279 44,636 14,776 6,154 14,308 23,191 51,136 Deposits Depository institutions 18,931 1,099 4,671 567 1,109 1,134 1,650 2,163 1,038 942 645 1,586 2,326 U.S. Treasury--general account 10,174 0 10,174 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 166 7 51 8 9 22 9 14 3 5 3 7 26 Other 164 0 101 1 5 26 13 1 1 1 13 1 2 Total deposits 29,435 1,107 14,997 575 1,124 1,182 1,672 2,178 1,043 948 662 1,594 2,354 Deferred credit items 7,923 454 849 248 386 691 961 655 387 626 405 371 1,890 Other liabilities and accrued dividends (1) 4,464 239 1,579 154 273 381 297 415 172 85 151 206 511 TOTAL LIABILITIES 534,347 28,260 211,580 17,433 28,039 43,968 36,210 47,884 16,378 7,813 15,527 25,362 55,891 CAPITAL ACCOUNTS Capital paid in 5,951 267 1,208 177 398 1,238 418 582 121 202 140 227 972 Surplus 5,246 254 1,055 273 335 818 338 527 122 189 119 271 945 Other capital accounts 1,296 40 343 11 97 455 96 95 7 18 31 18 84 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 546,840 28,822 214,187 17,893 28,870 46,479 37,063 49,088 16,627 8,223 15,818 25,878 57,892 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 612,055 30,310 239,861 18,455 29,561 50,949 44,489 54,143 17,304 7,693 17,221 33,692 68,375 Less--Held by F.R. Banks 119,530 3,849 45,706 1,999 3,304 9,235 11,210 9,507 2,528 1,539 2,913 10,501 17,239 F.R. notes, net 492,524 26,460 194,155 16,456 26,257 41,714 33,279 44,636 14,776 6,154 14,308 23,191 51,136 Collateral held against F.R. notes Gold certificate account 11,046 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 472,278 Total collateral 492,524 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.