H.4.1 Factors Affecting Reserve Balances of Depository Institutions

o* Gow'-. FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release December 9, 1971 The average of daily figures for total reserves of member banks declined $507 million in the latest statement week to $30,732 million. Required reserves, excess reserves and member bank borrowings at the Federal Reserve Banks all declined. A decline in Treasury deposits with the Federal Reserve Banks was the major factor supplying reserves in the latest statement week. This reserve gain was about offset by a seasonal rise in currency in circulation. In addition, System Open Market operations absorbed $71 million reserves net, on a weekly average basis. Most of this absorption was through the maturing of repurchase agreements made previously. Some reserves were supplied during the statement week, however, through outright: purchases of coupon issues and repurchase agreements. Member bank borrowings were below the average of recent weeks and were $54 million less than excess reserves. In the previous week they exceeded excess reserves by $143 million. Averages of daily figur es Member bank reserves, Week ended Change from week. ended Wednesday, Reserve Bank credit, Dec. 8, Dec • 1, Dec. 9, Dec. 8, and related items 1971* 1971 1970 1971 * Reserve Bank credit: (Irl mi!. lions of dollars) 1/ U.S. Government securities- Bought outright—System account 68,482 + 249 +7 ,584 68,542 Held under repurchase agreements 88 - 322 - 162 219 Federal Agency obligations- Bought outright 340 + 92 + 340 340 Held under repurchase agreements 31 - 48 - 24 93 Acceptances- Bought outright 56 + 1 + 16 56 Held under repurchase agreements 10 - 43 - 69 26 Discounts and advances- Member bank borrowings 60 • 641 230 85 Other Float 3,079 + 64 + 66 3,005 Other F.R. assets 892 + 33 - 86 921 Total Reserve Bank credit 73,036 - 617 +7, 432 73,287 Gold stock 10,132 -- - 985 10,132 Special Drawing Rights certif. acct. 400 — -- 400 Treasury currency outstanding 7,594 + 3 + 479 7,592 91,162 - 614 +6 ,927 91,411 Currency in circulation 60,563 + 137 +3 ,997 60,964 Treasury cash holdings 456 - 3 + 14 463 Treasury deposits with F.R. Banks 1,749 - 145 +1 ,115 936 Foreign deposits with F.R. Banks 133 - 36 - 5 187 Other deposits with F.R. Banks 717 - 15 -- 779 Other F.R. liabilities and capital 2,398 •+ 70 + 35 2,428 66,016 + 7 +5 ,155 65,757 Member bank reserves: With Federal Reserve Banks 25,146 - 621 +1 ,771 25,654 Currency and coin 5,586 + 114 + 243 5,586 Total reserves held 30,732 - 507 +2 ,014 31,240 Required reserves 30,618 - 63 +2 ,036 30,618 Excess reserves 114 - 444 - 22 622 NOTE: A net of $272 million of surplus reserves were eligible to be carried forward from the week ended December 1, into the week ending December 8. On December 8, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $25,866 million, an increase of $1,266 million for the week. 2_/ Includes $79 million securities loaned —fully secured by U.S. Government securities pledged with Federal Reserve Banks. * Estimated( Chicago District). 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. 8, * Dec. 1, Dec. 9, 1971 1971 1970 A S S E TS Gold certificate account ,875 959 Special Drawing Rights certif. accts. 400 Cash (703) 244 10 26 Discounts and advances 85 + 21 200 Acceptances--Bought outright 56 + 15 Held under repurchase agreements 26 26 + 26 Federal Agency obligations—Bought outright 340 + 340 Held under repurchase agreements 93 93 93 U. S. Government securities: 29,702 + 351 +5,544 Bought outright—Bills Certificates 35,554 + 88 +2,581 Notes 3,286 + 16 + 480 Bonds 1/ 68,542 + 455 +8,605 Total bought outright 219 -I- 219 + 219 Held under repurchase agreements 68,761 + 674 +8,824 Total U.S. Government securities 69,361 + 814 +9,098 Total loans and securities (2,421) 11,543 + 473 +1,711 Cash items in process of collection 148 - 1 + 20 Bank premises 773 - 40 - 112 Other assets 2/ TOTAL ASSETS (3,124) 92,344 +1,236 +9,784 Federal Reserve notes (703) 53,822 + 391 +3,615 Deposits: Member bank—reserves account 25,574 +2,197 +4,470 U. S. Treasurer—general account 936 -1,631 + 106 Foreign 187 + 59 + 69 Other V 779 + 62 + 26 Total deposits 27, 476 + 687 +4 ,671 Deferred availability cash items (2,421) 8 ,618 + 83 +1 ,444 Other liabilities and accrued dividends 610 + 11 + 6 TOTAL LIABILITIES (3,124) 90,526 +1,172 +9,736 C A P I T AL A C C O U N TS Capital paid in 737 42 Surplus 702 33 Other capital accounts 379 63 27 Contingent liability on acceptances purchased for foreign correspondents 256 + 18 * Figures in parentheses are the eliminations made in the consolidating process. JL/ Includes $79 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. ** Estimated. (Chicago District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, December 8, 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 82 43 3,890 +596 93 +93 16 days to 90 days 3 39 15,350 -103 26 + 2 91 days to 1 year 15,498 + 87 119 - 2 Over 1 year to 5 years 25,230 + 21 126 Over 5 years to 10 years 7,664 + 67 46 Over 10 years ^Z. 1,129 + 6 23 Total 85 82 68,761 +674 433 +93 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 8, 1971 New Phila Cleve Rich i< 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 54,525 2,918 13,326 3,189 4,463 4,785 2,741 9,473 2,105 903 2,044 2,108 U,H/U Deposits: Member bank reserves 25,574 949 6,936 1,055 1,404 1,182 1,547 3,669 979 594 1,108 1,592 4,559 U. S. Treasurer—general account 936 57 118 52 56 84 38 119 83 47 140 76 66 Foreign 187 9 1/ 54 9 16 9 12 27 6 4 8 10 23 Other 779 — 2/ 701 1 -- 13 3 4 1 1 2 2 51 Total deposits 27,476 1,015 7,809 1,117 1,476 1,288 1,600 3,819 1,069 646 1,258 1,680 4,699 Deferred availability cash items 11,039 709 1,569 593 810 829 1,258 1,868 618 457 689 599 1,030 Other liabilities and accrued dividends 610 30 153 32 48 43 31 100 22 14 24 28 85 TOTAL LIABILITIES 93,650 4,672 22,857 4,931 6,797 6,945 5,640 15,260 3,814 2,020 4,015 4,415 12,284 CAPITAL ACCOUNTS Capital paid in 737 34 192 38 68 38 50 109 25 17 31 41 94 Surplus 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts 379 17 97 20 31 27 20 61 14 7 11 18 56 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 95,468 4,756 23,331 5,025 6,959 7,046 5,757 15,535 _3A8.77_ 2,060 4,087 4,513 12,522 Contingent liability on accept ances purchased for foreign correspondents 256 12 3/ 67 13 23 13 17 39 9 6 11 14 32 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 56,588 3,066 13,769 3,295 4,606 4,893 2,934 9,784 2,202 937 2,099 2,240 6,763 Collateral for F. R. notes: Gold certificate account 2,670 175 500 300 350 485 700 155 5 U. S. Government securities 55,150 2,920 13,400 3,150 4,400 4,485 3,000 9,300 2.130 960 2.125 2.280 7.000 Total collateral 57,820 3,095 13,900 3,450 4,750 4,97© 3,000 10,000 2,285 960. 2,125 2,285 7,000 1/ After deducting $ 133 million participations of other Federal Reserve Banks. 7/ Includes IMF gold deposit, 3/ After deducting $ 189 million participations of other Federal Reserve Banks, * Estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 8, 1971 New Phila Cleve Rich St. Minne Kansas San Total Boston Atlanta Chicago Dal ias York delphia land mond Louis apolis City Francisco O] n millions of dollars) A S S E TS Gold certificate account 9,875 351 3,618 510 437 768 444 1,568 432 48 369 300 1,030 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 703 104 121 47 28 50 142 33 18 21 31 26 82 Other cash 244 6 19 6 26 37 32 27 15 6 25 14 31 1 Discounts and advances 85 2 13 2 52 3 9 3 Acceptances: Bought outright 56 56 Held under repurchase agreements 1 26 -- 26 -- -- -- -- -- -- -- -- :: Federal Agency obligations-- Bought outright 340 17 81 18 27 25 17 57 13 6 14 16 49 Held under repurchase agreements 93 -- 93 -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 29,702 1,464 7,102 1,586 2 ,347 2 ,157 1,519 4,945 1,114 555 1,189 1 ,417 4,307 Certificates: Other -- -- -- -- -- -- -- -- -- -- -- -- -- Notes ! 35,554 1,752 8,502 1,899 2 ,809 2 ,583 1,819 5,919 1,333 663 1,422 1 ,697 5,156 Bonds 3,286 162 786 175 260 239 168 547 123 61 131 157 477 Total bought outright J7 68,542 3,378 16,390 3,660 5 ,416 4 ,979 3,506 11,411 2,570 1 ,279 2,742 3 ,271 9,940 Held under repurchase agreements 219 -- 219 — -- -- -- -- -- -- -- -- -- Total U.S. Government securities 68,761 3,378 16,609 3,660 5 ,416 4 ,979 3,506 11,411 2,570 1 ,279 2,742 3 ,271 9,940 Total loans and securities 69,361 3,397 16,878 3,679 5 ,443 5 ,004 3,525 11,520 2,583 1 ,288 2,765 3 ,290 9,989 Cash items in process of collection 13,964 821 2,301 712 924 1 ,097 1,544 2,215 779 657 843 833 1,238 Bank premises 148 2 8 3 23 13 16 17 14 18 17 9 8 Other assets 2/ 773 52 293 45 45 41 32 85 21 15 22 27 95 . TOTAL ASSETS 95,468 4,756 23,331 5,025 6 ,959 7, 046 5,757 15,535 3,877 2 ,060 4,087 4 ,513 12,522 1/ Includes $79 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 27 Includes assets denominated in foreign currencies and IMF gold deposited. * Estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis