H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and •?f^?-- Condition Statement of F.R. Banks H.4.1 For immediate release December 2, 1971 The average of daily figures for total reserves of member banks increased $480 million in the latest statement week to $31,239 million. Re quired reserves, excess reserves and member bank borrowings at the Federal Reserve Banks all increased. A seasonal rise in currency in circulation and a decline in float were the major factors absorbing reserves in the latest statement week. System Open Market operations provided $570 million of reserves net, on a weekly average basis, through outright purchases of Treasury bills and coupon issues. Some reserves were absorbed at the end of the statement week, however, through matched sales-purchase transactions. Member bank borrowings were above the average of recent weeks and exceeded excess reserves by $143 million compared to $344 million in the previous week. Averages of daily if igures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 1, Nov . 24, Dec. 2, Dec. 1, and related items 1971 1971 1970 1971 Reserve Bank credit: (Irl millions of dollars) U.S. Government securities- Bought outright—System account 68,233 + 545 +7,367 68,087 Held under repurchase agreements 410 - 58 17 — Federal Agency obligations- Bought outright 248 + 69 + 248 340 Held under repurchase agreements 79 + 14 6 -- Acceptances- Bought outright 55 + 3 + 19 56 Held under repurchase agreements 53 - 3 + 7 — Discounts and advances- Member bank borrowings 701 + 162 + 246 64 Other Float 3,015 - 233 + 178 2,614 Other F.R. assets 859 + 63 93 962 Total Reserve Bank credit 73,653 + 563 +7,949 72,123 Gold stock 10,132 — - 985 10,132 Special Drawing Rights certif• acct. 400 — -- 400 Treasury currency outstanding ...7,591 + 15 + 480 7,603 91,776 + 578 +7,443 90,258 Currency in circulation 60,426 + 319 +4,068 60,578 Treasury cash holdings 459 - 5 + 8 460 Treasury deposits with F.R. Banks 1,894 - 33 +1,174 2,567 Foreign deposits with F.R. Banks 169 + 46 + 39 128 Other deposits with F.R. Banks 732 + 46 + 13 717 Other F.R. liabilities and capital 2,328 + 63 + 32 2,353 66,009 + 436 +5,336 66,803 Member bank reserves: With Federal Reserve Banks 25,767 + 142 +2,109 23,456 Currency and coin _5*472 + 338 + 255 5,472 Total reserves held 31,239 + 480 +2,364 28,928 Required reserves 30,681 + 117 +2,223 30,681 Excess reserves 558 + 363 + 141 -1,753 NOTE: A net of $88 million of surplus reserves were eligible to be carried forward from the week ended November 24, into the week ending December 1. On December 1, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $24,600 million, an increase of $723 million for the week. 1/ Excludes $350 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. V Includes $57 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Dec. 1, Nov. 24, Dec. 2, 1971 1971 1970 A S S E TS Gold certificate account 9,875 „ — - 952 400 — -- Special Drawing Rights certif. accts. Cash (771)) 254 12 + 40 64 -2,330 - 248 Discounts and advances 56 -- + 18 Acceptances--Bought outright Held under repurchase agreements _.. - 146 - 145 Federal Agency obligations—Bought outright 340 + 161 + 340 Held under repurchase agreements __ - 196 - 235 U. S. Government securities: Bought outright—Bills 29,351 135 +3,988 Certificates Notes 35,466 + 205 +2,493 Bonds 3,270 + 37 + 464 Total bought outright 1/ 2/ 68,087 + 107 +6,945 Held under repurchase agreements -1,507 -1,357 Total U.S. Government securities 68,087 -1,400 +5,588 Total loans and securities 68,547 -3,911 +5,318 Cash items in process of collection (3,181) 11,069 94 + 187 Bank premises 149 + 1 + 23 Other assets J3/ 813 + 136 25 TOTAL ASSET? (3,952) 91,107 -3,880 44,591 L I A B I L I T I ES Federal Reserve notes (771) 53,431 + 125 +3,658 Deposits: Member bank—reserves account 23,376 -5,482 -1,636 U. S. Treasurer—general account 2,567 +1,132 +2,093 Foreign 128 + 2 24 Other 4/ 717 + 19 35 Total deposits 26,788 -4, 329 + 398 Deferred availability cash items (3,181) 8,535 + 274 + 538 Other liabilities and accrued dividends 599 - 13 - 57 TOTAL LIABILITIES (3,952) 89,353 •3,943 44,537 £ A L I 1 A L A C C O U N TS Capital paid in 736 + 42 Surplus 702 + 33 Other capital accounts 316 63 21 Contingent liability on acceptances purchased for foreign correspondents 257 + 16 + 15 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Excludes $350 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $57 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies and IMF gold deposited. kj Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, December 1, 1971 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Discounts Accept U. S. Government Federal Agency and -ances securities obligations Advances Holdings Weekly Holdings Weekly changes Changes Within 15 days 61 13 3,294 -2,463 — -196 16 days to 90 days 3 43 15,453 + 902 24 + 23 91 days to 1 year -- — 15,411 64 121 + 47 Over 1 year to 5 years -- — 25,209 + 102 126 + 58 Over 5 years to 10 years — — 7,597 + 108 46 + 24 Over 10 years -- — 1,123 + 15 23 + 9 Total 64 56 68,087 -1,400 340 - 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.Ub) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 1, 1971 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 9,875 373 4,076 548 387 932 667 1,385 418 283 280 107 419 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 771 107 124 55 30 57 159 39 21 26 36 32 85 Other cash 254 7 21 7 28 35 34 27 16 7 25 14 33 Discounts and advances 64 17 3 17 0 14 Q Acceptances: Bought outright \ 56 56 -- -- -- -- -- Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- Federal Agency obligations- Bought outright 340 17 81 18 27 25 17 57 13 6 14 16 49 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 29,351 1,447 7,018 1,567 2,319 2,132 1,502 4,887 1,100 548 1,174 1 ,401 4,256 Certificates: Other "" -- -- -- -- = _ -- -- -- -- -- -- -- Notes ! 35,466 ! 1,748 8,481 1,894 2,802 2,576 1,814 5,905 1,330 662 1,419 1 ,692 5,143 Bonds ! 3,270 161 782 175 258 238 167 544 123 _. 61 131 156 474 Total bought outright U U i 68,087 3,356 16,281 3,636 5,379 4,946 3,483 11,336 2,553 ,271 2,724 T, 249 9,873 Held under repurchase agreements " -- -- -- -- -- -- -- -- -- -- -- -- Total U.S. Government securities 1 68,087 j 3,356 16,281 3,636 5,379 4,946 3,483 11,336 2,553 ~~T. 271 2,724 3",2 49 9,873 Total loans and securities 68,547 ! 3,375 16,435 3,654 5,406 4,971 3,505 11,410 2,568 1 ,281 2,752 3 ,268 9,922 Cash items in process of collection 14,250 ! 849 2,313 748 1,099 1,096 1,549 2,186 843 632 850 867 1,218 Bank premises 149 2 8 3 23 13 16 17 15 18 17 9 8 Other assets 3/ 813 50 280 40 105 40 29 83 20 14 23 _25_ 104 TOTAL ASSETS 95,059 4,786 23,350 c mo 7,111 7,180 5,981 15,217 3,916 2 ,268 3,998 4 ,336 11,838 1/ Excludes $350 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. "2/ Includes $57 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies and IMF gold deposited. * Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 1, 1971 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco (In millions of dollars) L I A B I L I T I ES Federal Reserve notes 54,202 2,905 13,267 3,177 4,435 4,753 2,697 9,449 2,079 895 2,019 2,093 6,433 Deposits: Member bank reserves 23,376 851 6,510 971 1,295 1,194 1,633 3,230 882 588 1,008 1,298 3,916 U. S. Treasurer—general account 2,567 142 576 191 181 189 186 229 171 240 148 151 163 Foreign 128 6 1/ 32 7 12 7 9 20 4 3 5 7 16 Other 717 2/ 661 2 — 14 3 3 2 1 2 2 27 Total deposits 26,788 999 7,779 1,171 1,488 1,404 1,831 3,482 1,059 832 1,163 1,458 4,122 Deferred availability cash items 11,716 770 1,703 608 982 883 1,309 1,921 695 490 723 662 970 Other liabilities and accrued dividends 599 31 143 31 49 43 30 100 22 13 24 28 85 TOTAL LIABILITIES 93,305 4,705 22,892 4,987 6,954 7,083 5,867 14,952 3,855 2,230 3,929 4,241 11,610 CAPITAL ACCOUNTS Capital paid in 736 34 192 38 67 38 50 109 25 17 31 41 94 Surplus 702 11 185 36 §3 36 47 105 24 16 30 39 88 Other capital accounts 316 81 17 27 23 17 51 12 5 8 15 46 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 95,059 4,786 23,350 5,078 7,111 7,180 5,981 15,217 3,916 2,268 3.998 4.336 11.838 Contingent liability on acel eptances purchased for forei- gn correspondents 257 12 3/ 67 13 23 13 17 39 9 6 11 14 3_L_ FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 56,314 3,049 13,727 3,267 4,584 4,859 2,897 9,739 2,174 929 2,075 2,231 6,783 Collateral for F. R. notes: Gold certificate account 2,695 200 500 300 350 485 700 155 5 U. S, Government securities 54,880 2,920 13,400 3,150 4,300 4,415 2,950 9.300 2.080 960 2.125 2.280 7.QQ0 Total collateral 57,575 3,120 13,900 3,450 4,650 4,900 2,950 10,000 2,235 960 2,125 2,285 7,000 1/ After deducting $ 96 million participations of other Federal Reserve Banks, ~2J Includes IMF gold deposit. * Less than $500,000. other Federal Reserve Banks. 3/ After deducting $ 190 million participations of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis