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 25, 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 24, 1999 Feb 17, 1999 Feb 25, 1998 Feb 24, 1999 Reserve Bank Credit (1,2) 503,737 + 2,407 + 37,607 514,216 U.S. government securities Bought outright-system account (3) 459,973 + 1,885 + 31,355 461,106 Held under repurchase agreements 4,829 + 2,537 - 914 9,870 Federal agency obligations Bought outright 336 0 - 339 336 Held under repurchase agreements 3,542 + 183 + 3,100 7,223 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 107 + 8 + 92 433 Seasonal credit 10 + 2 - 3 12 Extended credit 0 0 0 0 Float 402 - 855 + 268 -41 Other F.R. assets 34,538 - 1,354 + 4,049 35,277 Gold stock 11,049 0 0 11,048 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,368 + 14 + 730 26,368 Total factors supplying reserve funds 550,354 + 2,421 + 38,338 560,832 Currency in circulation* 512,105 + 453 + 39,331 512,771 Treasury cash holdings* 117 - 8 - 112 120 Deposits,other than reserve balances,with F.R.Banks Treasury 4,998 + 775 + 598 4,753 Foreign 186 - 18 + 14 218 Service-related balances and adjustments (4) 6,946 + 79 - 7 6,945 Other 279 - 9 - 92 271 Other F.R. liabilities and capital 16,942 + 104 + 803 16,858 Total factors, other than reserve balances, absorbing reserve funds 541,572 + 1,375 + 40,534 541,938 Reserve balances with F.R. Banks (5) 8,782 + 1,046 - 2,196 18,894 On February 24, 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 597,449 million, a change of -$ 1,206 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,734 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,734 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 15,940 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 15,940 million was with foreign official and international accounts. Includes $ 647 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 $ 77 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,561 million and adjustments of $ 385 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 24, 1999 Feb 17, 1999 Feb 25, 1998 ASSETS Gold certificate account 11,048 - 1 - 2 Special drawing rights certificate account 9,200 0 0 Coin 454 - 22 - 115 Loans 445 + 378 + 428 Acceptances 0 0 0 Federal agency obligations Bought outright 336 0 - 339 Held under repurchase agreements (1) 7,223 + 3,909 + 5,613 U.S. government securities Bought outright--Bills 199,760 + 1,966 + 3,703 Notes (2) 189,793 + 2,029 + 17,393 Bonds (3) 71,553 + 124 + 10,821 Total bought outright (4) 461,106 + 4,119 + 31,917 Held under repurchase agreements (1) 9,870 + 5,769 - 2,210 Total U.S. government securities 470,976 + 9,888 + 29,707 Total loans and securities 478,980 + 14,176 + 35,409 Items in process of collection (621) 6,803 - 8,028 - 396 Bank premises 1,303 + 2 + 27 Other assets (5) 33,930 + 1,077 + 3,876 TOTAL ASSETS (621) 541,717 + 7,201 + 38,799 LIABILITIES Federal Reserve notes 486,978 - 206 + 38,629 Deposits Depository institutions 25,662 + 10,958 - 1,813 U.S. Treasury--general account 4,753 - 140 + 355 Foreign--official accounts 218 + 33 + 24 Other (0) 271 - 20 - 103 Total deposits (0) 30,905 + 10,832 - 1,535 Deferred availability cash items (621) 6,976 - 3,587 + 778 Other liabilities and accrued dividends (6) 4,285 + 73 - 431 TOTAL LIABILITIES (621) 529,144 + 7,112 + 37,440 CAPITAL ACCOUNTS Capital paid in 6,069 + 50 + 591 Surplus 5,952 0 + 732 Other capital accounts 552 + 40 + 35 *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 $ 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 $ 15,940 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 647 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 24, 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 445 0 Within 15 days 24,996 + 5,749 7,248 + 3,934 16 to 90 days 0 0 16 to 90 days 98,522 + 2,330 0 - 25 Over 90 days 0 0 91 days to 1 year 133,298 - 345 106 0 Over 1 to 5 years 110,291 + 1,820 30 0 Over 5 to 10 years 46,246 + 335 175 0 Over 10 years 57,623 0 0 0 Total 445 0 Total 470,976 + 9,888 7,559 + 3,909 1 Includes $ 4,087 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 February 24, 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 11,048 582 4,208 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 454 24 17 35 25 65 60 46 18 21 35 46 62 Loans 445 3 0 1 0 394 4 41 0 0 2 0 0 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) 7,223 0 7,223 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 199,760 10,879 74,039 5,808 12,983 15,736 12,152 19,177 7,020 2,195 5,541 9,083 25,147 Notes (2) 189,793 10,337 70,345 5,518 12,335 14,951 11,545 18,221 6,670 2,085 5,265 8,630 23,893 Bonds (3) 71,553 3,897 26,521 2,080 4,650 5,637 4,353 6,869 2,514 786 1,985 3,253 9,008 Total bought outright(4) 461,106 25,113 170,905 13,406 29,969 36,323 28,050 44,267 16,204 5,066 12,791 20,966 58,047 Held under repurchase agreements(1) 9,870 0 9,870 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 470,976 25,113 180,775 13,406 29,969 36,323 28,050 44,267 16,204 5,066 12,791 20,966 58,047 Total loans and securities 478,980 25,134 188,122 13,416 29,990 36,744 28,074 44,341 16,216 5,069 12,803 20,981 58,090 Items in process of collection 7,423 430 822 411 476 603 977 491 310 491 364 318 1,730 Bank premises 1,303 93 158 50 158 125 86 106 32 130 53 149 162 Other assets(5) 33,930 1,531 10,706 948 2,081 5,079 2,136 3,036 824 823 810 1,298 4,656 Interdistrict settlement account 0 + 2,123 - 5,421 + 2,428 - 4,679 + 2,189 + 1,912 + 5,843 + 500 + 1,523 + 1,282 + 1,383 - 9,084 TOTAL ASSETS 542,338 30,448 201,815 17,892 29,269 46,404 34,564 55,761 18,598 8,309 15,883 25,072 58,322 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 $ 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 $ 15,940 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 647 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 24, 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 486,978 27,547 186,639 16,475 26,736 37,838 30,605 49,072 17,166 6,499 14,340 22,778 51,285 Deposits Depository institutions 25,662 1,689 4,953 515 1,087 5,013 1,769 4,527 677 770 625 1,260 2,776 U.S. Treasury--general account 4,753 0 4,753 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 218 7 102 4 10 30 10 14 3 5 3 6 24 Other 271 0 142 1 3 88 11 3 8 0 12 1 2 Total deposits 30,905 1,696 9,950 520 1,100 5,132 1,791 4,544 688 775 641 1,266 2,802 Deferred credit items 7,597 405 906 383 334 582 1,026 518 325 535 445 361 1,777 Other liabilities and accrued dividends (1) 4,285 230 1,537 149 266 340 284 399 165 82 149 198 485 TOTAL LIABILITIES 529,764 29,878 199,032 17,526 28,435 43,891 33,706 54,534 18,344 7,891 15,575 24,602 56,348 CAPITAL ACCOUNTS Capital paid in 6,069 284 1,304 176 402 1,234 412 594 119 209 153 224 957 Surplus 5,952 267 1,208 177 399 1,238 418 583 121 202 140 227 972 Other capital accounts 552 18 270 13 33 41 28 50 15 6 15 18 45 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 542,338 30,448 201,815 17,892 29,269 46,404 34,564 55,761 18,598 8,309 15,883 25,072 58,322 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 639,119 32,559 245,503 19,495 31,128 51,053 44,882 60,661 20,780 8,274 18,641 33,438 72,703 Less--Held by F.R. Banks 152,141 5,012 58,864 3,020 4,393 13,216 14,278 11,589 3,614 1,775 4,302 10,661 21,419 F.R. notes, net 486,978 27,547 186,639 16,475 26,736 37,838 30,605 49,072 17,166 6,499 14,340 22,778 51,285 Collateral held against F.R. notes Gold certificate account 11,048 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 466,730 Total collateral 486,978 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.