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 February 18, 1999 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 Feb 17, 1999 Feb 10, 1999 Feb 18, 1998 Feb 17, 1999 Reserve Bank Credit (1,2) 501,332 + 345 + 36,712 502,563 U.S. government securities Bought outright-system account (3) 458,088 + 192 + 29,950 456,987 Held under repurchase agreements 2,292 - 603 - 507 4,101 Federal agency obligations Bought outright 336 0 - 339 336 Held under repurchase agreements 3,359 + 299 + 2,742 3,314 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 99 + 9 + 21 59 Seasonal credit 8 - 2 - 4 8 Extended credit 0 0 0 0 Float 1,258 + 934 + 890 3,581 Other F.R. assets 35,892 - 484 + 3,958 34,178 Gold stock 11,049 0 + 2 11,049 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,300 + 14 + 676 26,300 Total factors supplying reserve funds 547,881 + 359 + 37,389 549,112 Currency in circulation* 511,599 + 3,162 + 38,626 512,890 Treasury cash holdings* 125 + 22 - 102 117 Deposits,other than reserve balances,with F.R.Banks Treasury 4,223 - 642 - 746 4,893 Foreign 204 - 13 + 40 185 Service-related balances and adjustments (4) 6,867 - 469 - 163 6,867 Other 288 + 21 - 116 291 Other F.R. liabilities and capital 16,838 + 262 + 684 16,695 Total factors, other than reserve balances, absorbing reserve funds 540,143 + 2,342 + 38,223 541,939 Reserve balances with F.R. Banks (5) 7,738 - 1,983 - 833 7,173 On February 17, 1999, the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign official and international accounts was 598,655 million, a change of -$ 1,454 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,804 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,525 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 17,905 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 15,950 million was with foreign official and international accounts. Includes $ 439 million securities loaned--fully secured U.S. government securities. 3 Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and $ 78 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,561 million and adjustments of $ 307 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 Feb 17, 1999 Feb 10, 1999 Feb 18, 1998 ASSETS Gold certificate account 11,049 0 + 1 Special drawing rights certificate account 9,200 0 0 Coin 476 0 - 104 Loans 67 - 4 + 52 Acceptances 0 0 0 Federal agency obligations Bought outright 336 0 - 339 Held under repurchase agreements (1) 3,314 - 4,044 + 2,244 U.S. government securities Bought outright--Bills 197,794 - 1,069 + 2,925 Notes (2) 187,764 - 1,341 + 15,363 Bonds (3) 71,429 + 1,340 + 10,697 Total bought outright (4) 456,987 - 1,069 + 28,986 Held under repurchase agreements (1) 4,101 - 2,550 - 201 Total U.S. government securities 461,088 - 3,619 + 28,785 Total loans and securities 464,804 - 7,667 + 30,741 Items in process of collection (434) 14,831 + 7,016 + 661 Bank premises 1,301 - 1 + 24 Other assets (5) 32,853 - 2,654 + 4,070 TOTAL ASSETS (434) 534,516 - 3,304 + 35,397 LIABILITIES Federal Reserve notes 487,184 + 2,220 + 37,963 Deposits Depository institutions 14,704 - 9,192 - 4,247 U.S. Treasury--general account 4,893 - 32 + 194 Foreign--official accounts 185 - 19 + 15 Other (0) 291 + 25 - 114 Total deposits (0) 20,073 - 9,218 - 4,152 Deferred availability cash items (434) 10,563 + 3,733 + 823 Other liabilities and accrued dividends (6) 4,212 - 143 - 503 TOTAL LIABILITIES (434) 522,032 - 3,408 + 34,130 CAPITAL ACCOUNTS Capital paid in 6,019 + 18 + 545 Surplus 5,952 + 9 + 732 Other capital accounts 512 + 75 - 12 *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 $ 3,267 million of inflation-indexed securities valued at the original face amount and $ 67 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 $ 17,905 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 439 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, February 17, 1999 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 67 0 Within 15 days 19,247 + 59 3,314 - 4,044 16 to 90 days 0 0 16 to 90 days 96,192 - 3,753 25 0 Over 90 days 0 0 91 days to 1 year 133,643 - 1,955 106 0 Over 1 to 5 years 108,471 + 1 30 0 Over 5 to 10 years 45,911 + 689 175 0 Over 10 years 57,623 + 1,340 0 0 Total 67 0 Total 461,088 - 3,619 3,650 - 4,044 1 Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and $ 78 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 February 17, 1999 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco ASSETS Gold certificate account 11,049 582 4,209 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 476 25 17 34 26 68 63 51 22 21 35 49 65 Loans 67 2 0 2 0 0 4 47 0 0 2 0 10 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 336 18 124 10 22 26 20 32 12 4 9 15 42 Held under repurchase agreements(1) 3,314 0 3,314 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,794 10,772 73,311 5,751 12,855 15,581 12,032 18,989 6,951 2,173 5,487 8,993 24,900 Notes (2) 187,764 10,226 69,593 5,459 12,203 14,791 11,422 18,026 6,598 2,063 5,209 8,537 23,637 Bonds (3) 71,429 3,890 26,474 2,077 4,642 5,627 4,345 6,857 2,510 785 1,981 3,248 8,992 Total bought outright(4) 456,987 24,889 169,378 13,286 29,701 35,999 27,799 43,872 16,059 5,020 12,677 20,779 57,529 Held under repurchase agreements(1) 4,101 0 4,101 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 461,088 24,889 173,479 13,286 29,701 35,999 27,799 43,872 16,059 5,020 12,677 20,779 57,529 Total loans and securities 464,804 24,909 176,917 13,298 29,723 36,025 27,823 43,951 16,071 5,024 12,689 20,794 57,581 Items in process of collection 15,265 804 1,931 1,447 758 1,339 1,652 1,324 342 815 907 988 2,959 Bank premises 1,301 93 159 50 158 125 84 106 32 130 53 148 162 Other assets(5) 32,853 1,502 9,945 933 2,052 5,043 2,105 2,987 804 815 794 1,275 4,599 Interdistrict settlement account 0 + 1,434 + 3,999 + 1,276 - 4,884 - 332 + 1,328 + 4,126 + 859 + 785 + 833 + 1,056 -10,479 TOTAL ASSETS 534,949 29,879 200,379 17,644 29,049 43,867 34,374 54,443 18,829 7,841 15,846 25,207 57,593 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 $ 3,267 million of inflation-indexed securities valued at the original face amount and $ 67 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 $ 17,905 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 439 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 February 17, 1999 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 487,184 27,811 187,703 16,258 26,444 38,712 30,706 48,986 17,304 6,119 14,142 22,595 50,404 Deposits Depository institutions 14,704 708 2,103 454 1,076 1,268 1,324 2,919 542 507 603 1,275 1,926 U.S. Treasury--general account 4,893 0 4,893 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 185 7 69 4 10 30 10 14 3 5 3 6 24 Other 291 4 142 1 5 98 12 4 7 0 15 1 2 Total deposits 20,073 719 7,208 459 1,091 1,396 1,346 2,937 552 512 621 1,282 1,952 Deferred credit items 10,997 572 1,276 406 410 923 1,172 887 555 716 637 661 2,781 Other liabilities and accrued dividends (1) 4,212 231 1,450 152 271 340 285 404 165 81 149 199 486 TOTAL LIABILITIES 522,466 29,333 197,637 17,275 28,215 41,371 33,509 53,214 18,576 7,428 15,550 24,736 55,622 CAPITAL ACCOUNTS Capital paid in 6,019 260 1,285 177 402 1,234 419 591 119 209 142 225 957 Surplus 5,952 267 1,208 177 399 1,238 418 583 121 202 140 227 972 Other capital accounts 512 18 249 15 34 25 28 54 13 2 14 19 42 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 534,949 29,879 200,379 17,644 29,049 43,867 34,374 54,443 18,829 7,841 15,846 25,207 57,593 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 634,337 32,617 244,624 19,281 30,626 51,029 44,342 60,473 20,724 7,840 18,239 33,354 71,188 Less--Held by F.R. Banks 147,153 4,805 56,920 3,022 4,182 12,317 13,636 11,487 3,421 1,721 4,097 10,760 20,785 F.R. notes, net 487,184 27,811 187,703 16,258 26,444 38,712 30,706 48,986 17,304 6,119 14,142 22,595 50,404 Collateral held against F.R. notes Gold certificate account 11,049 Special drawing rights certificate account 9,200 Other eligible assets 2,197 U.S. govt. and agency securities 464,737 Total collateral 487,184 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.