H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and -?fS^fx Condition Statement of F.R. Banks H.4.1 For immediate release December 16, 1971 The average of daily figures for total reserves of member banks increased $289 million in the latest statement week to $31,021 million. Required reserves increased while excess reserves and member bank borrowings at the Federal Reserve Banks both declined. A seasonal increase in float and declines in both Treasury deposits with the Federal Reserve Banks and other Federal Reserve liabilities and capital were the major factors supplying reserves in the latest statement week. These reserve gains were partially offset by a seasonal rise in currency in circulation. In addition, System Open Market operations absorbed $187 million reserves net, on a weekly average basis. Most of this absorption was through the maturing of repurchase agreements made in the previous week and matched sale-purchase transactions made in the current week. Member bank borrowings averaged $27 million and were $48 million less than excess reserves compared to $54 million in the previous week. Averages of daily figures Member bank reserves, Week ended Change frorri week endedW ednesday Reserve Bank credit, Dec. 15, Decz. 8, 1 Dec. 16, Dec. 15, and related items 1971 ;L9 71 1 1970 1971 Reserve Bank credit: (Iri mi llions c> f dollars) \y i/ U.S. Government securities — Bought outright — System account 68,421 - 61 +7,195 67,692 Held under repurchase agreements -- 88 - 508 — Federal Agency obligations- Bought outright 340 -- + 340 340 Held under repurchase agreements -- 31 79 — Acceptances- Bought outright 59 + 3 + 13 66 Held under repurchase agreements -- - 10 51 — Discounts and advances- Member bank borrowings 27 33 • 372 29 Other Float 3,350 + 266 + 423 3,820 Other F.R. assets 927 + 34 79 983 Total Reserve Bank credit 73,124 + 82 +6,881 72,930 Gold stock 10,132 — - 985 10,132 Special Drawing Rights certif. acct. 400 -- — 400 Treasury currency outstanding 7,602 + 8 + 478 7,614 91,257 + 89 +6,373 91,076 Currency in circulation 61,040 + 472 +4,076 61,271 Treasury cash holdings 457 + 1 + 28 462 Treasury deposits with F.R. Banks 1,563 - 186 + 800 2,127 Foreign deposits with F.R. Banks 143 + 10 + 8 173 Other deposits with F.R. Banks 710 - 7 24 709 Other F.R. liabilities and capital 2,219 - 179 80 2,198 66,132 + 110 +4,808 66,940 Member bank reserves: With Federal Reserve Banks 25,125 - 21 +1,565 24,136 Currency and coin 5,896 + 310 + 418 5,896 Total reserves held 31,021 + 289 +1,983 30,032 Required reserves 30,946 + 328 +2,028 30,946 Excess reserves 75 - 39 - 45 - 914 NOTE: A net of $147 million of surplus reserves were eligible to be carried forward from the week ended December 8, into the week ending December 15. On December 15, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $26,740 million, an increase of $874 million for the week. V Excludes $850 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. l_i Includes $29 million securities loaned — fully secured by U.S. Government securities pledged with Federal Reserve Banks. 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. 15, Dec. 8, Dec. 16, 1971 1971 1970 A S S E TS Gold certificate account ,875 959 Special Drawing Rights certif. accts. 400 Cash (715) 2 52 + 8 + 33 Discounts and advances 29 56 - 904 Acceptances--Bought outright 66 + 10 + 15 Held under repurchase agreements 26 - 134 Federal Agency obligation—Bought outright 340 + 340 Held under repurchase agreements 93 - 191 U. S. Government securities: Bought outright—Bills 28,852 - 850 +3,294 Certificates Notes 35,554 — +2,581 Bonds 3,286 — + 480 Total bought outright 1/ 2/ 67,692 - 850 +6,355 Held under repurchase agreements — - 219 -1,416 Total U.S. Government securities 67,692 -1,069 +4,939 Total loans and securities 68,127 -1,234 +4,065 Cash items in process of collection (3, 78) 13,273 +2,061 +1,298 Bank premises 150 + 2 + 22 Other assets 3/ 833 + 52 81 TOTAL ASSETS (3,993) 92,910 + 889 +4,378 LIABILITIES^ Federal Reserve notes (715) 54,114 + 252 +3,730 Deposits: Member bank--reserves account 24,056 -1,544 -1,763 U. S. Treasurer—general account 2,127 +1,191 +1,540 Foreign 173 14 f 28 Other 4/ 709 70 20 Total deposits 27,065 - 437 - 215 Deferred availability cash items (3,278) 9,533 +1,305 + 839 Other liabilities and accrued dividends 588 21 39 TOTAL LIABILITIES (3,993) 91,300 +1,099 :-4,315 £ A I 1 1 £ L A C C O U N TS Capital paid in 738 1 + 40 Surplus 702 — + 33 Other capital accounts 170 - 211 10 Contingent liability on acceptances purchased for foreign correspondents 255 1 + 17 * Figures in parentheses are the eliminations made in the consolidating process* \J Excludes $850 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. _2/ Includes $29 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. 4/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, December 15, 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 26 18 2,796 •1,094 -93 16 days to 90 days 3 48 15,336 14 26 91 days to 1 year 15,667 + 169 120 + 1 Over 1 year to 5 years 25,100 - 130 127 + 1 Over 5 years to 10 years 7,664 44 - 2 Over 10 years ^Z. Z2_ 1,129 23 zz Total 29 66 67,692 -1,069 340 ^93 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 15, 1971 New Phila Cleve Rich St. Minne Kansas San Total Boston Atlanta Chicago Dallas York delphia land mond Louis apolis City Francisco 0 in millions of dollars) A S £ E T £ Gold certificate account 9,875 326 3,510 605 546 843 631 1,961 446 231 329 403 44 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 715 102 122 52 26 51 134 37 21 22 33 26 89 Other cash 252 7 21 7 28 38 31 29 15 7 25 14 30 Discounts and advances 29 15 3 Acceptances: Bought outright 66 66 -- -- 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 28,852 1,422 6,899 1,541 2,280 2,095 1,476 4,804 1,082 539 1,155 1,376 4,183 Certificates: -- -- -- -- -- -- -- -- -- -- -- -- -- 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 1/2/ 67,692 3,336 16,187 3,615 5,349 4,917 3,463 11,270 2,538 1,263 2,708 3,230 9,816 Held under repurchase agreements -- -_ -- -- -- -- -- -- -- -- -- -- — Total U.S. Government securities 67,692 3,336 16,187 3,615 5,349 4,917 3,463 11,270 2,538 1,263 2,708 3,230 9,816 Total loans and securities 68,127 3,353 16,349 3,635 5,376 4,943 3,480 11,328 2,552 1,270 2,727 3,249 9,865 Cash items in process of collection 16,551 956 2,870 812 1,159 1,261 1,835 2,612 907 751 953 969 1,466 Bank premises 150 2 8 3 24 13 16 17 15 19 16 9 8 Other assets 3/ 833 52 304 43 48 45 32 97 22 15 24 29 122 TOTAL ASSETS 96,903 4,821 23,277 5,180 7,240 7,230 6,181 16,151 3,993 2,322 4,122 4,713 11,673 1/ Excludes $850 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. ~2/ Includes $29 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. 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 15, 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 54,829 2,936 13,390 3,220 4,490 4,806 2,774 9,551 2,117 907 2,051 2,115 6,472 Deposits: Member bank reserves 24,056 854 6,380 1,069 1,477 1,194 1,653 3,759 933 559 1,050 1,578 3,550 U. S. Treasurer—general account 2,127 98 381 100 106 95 133 298 139 279 185 132 181 Foreign 173 7 1/ 56 8 14 8 11 24 5 4 7 9 20 Other 709 2 2/ 645 2 1 14 2 9 2 -._ 2 3 27 Total deposits 27,065 961 7,462 1,179 1,598 1,311 1,799 4,090 1,079 842 1,244 1,722 3,778 Deferred availability cash items 12,811 821 1,867 667 959 985 1,471 2,169 720 524 737 760 1,131 Other liabilities and accrued dividends 588 29 141 31 47 42 30 98 22 13 24 28 83 TOTAL LIABILITIES 95,293 4,747 22,860 5,097 7,094 7,144 6,074 15,908 3,938 2,286 4,056 4,625 11,464 CAPITAL ACCOUNTS Capital paid in 738 34 192 38 68 38 50 110 25 17 31 41 94 Surplus 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts 170 7 40 9 15 12 10 28 6 3 5 8 27 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 96,903 4,821 23,277 5,180 J7,240 7,230 6,181 16,151 _. 3,993__ _2j322__ 4 122_„ 4,713 11,673 J Contingent liability on acee ptances purchased for forei- gn correspondents 255 12 3/ 67 13 23 13 17 38 9 6 11 14 32 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding 56,897 3,074 13,858 3,306 4,661 4,922 2,978 9,819 2,199 932 2,114 2,241 6,793 Collateral for F. R. notes: Gold certificate account 2,670 175 500 300 350 485 — 700 155 — — 5 — U. S. Government securitie s 55,500 2,920 13,600 3,150 4,400 4,485 3,100 9,300 2,130 960 2,175 2,280 7,000 Total collateral 58,170 3,095 14,100 3,450 4,750 4,970 3,100 10,000 2,285 960 2,175 2,285 7,000 1/ After deducting $117 million participations of other Federal Reserve Banks, 7/ Includes IMF gold deposit. 3/ After deducting $ 188 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis