H.4.1 Factors Affecting Reserve Balances of Depository Institutions

:o «£££!& FEDERAL RESERVE •?,- •ii.nd 11 nil)11 Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H,4.1 For immediate release December 23, 1971 The average of daily figures for total reserves increased $56 million in the latest statement week to $31,192 million. Required reserves and member bank borrowings at the Federal Reserve Banks increased while excess reserves declined. Several factors drained reserves by significant amounts in the latest statement week. These included a seasonal increase in currency in circulation and increases in both Treasury deposits and foreign deposits with the Federal Reserve Banks. Offsetting these reserve drains was an increase of $1,006 million in float. This increase was somewhat greater than seasonal. In addition, System Open Market operations supplied $227 million reserves net, on a weekly average basis. Member bank borrowings averaged $144 million and exceeded excess reserves by $132 million. In the previous week they were revised to $163 million less than excess reserves. Averages o f daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Dec. 22, Dec . 15, Dec. 23, Dec. 22, and related items 1971 1971 1970 I 1971 Reserve Bank credit: (Irl mi llions of dollars) U.S. Government securities- 1/ Bought outright — System account 68,398 - 23 +6,886 68,155 Held under repurchase agreements 88 + 88 99 12 Federal Agency obligations- Bought outright 465 + 125 + 465 485 Held under repurchase agreements 7 + 7 65 -- Acceptances- Bought outright 67 + 8 + 13 75 Held under repurchase agreements 22 + 22 15 3 Discounts and advances- Member bank borrowings 144 + 117 181 828 Other Float 4,471 +1 ,006 + 672 3,996 Other F„R. assets 988 + 61 - 63 1,018 Total Reserve Bank credit 74,651 +1 ,412 +7,615 74,572 Gold stock 10,132 -- - 985 10,132 Special Drawing Rights certif. acct. 400 — -- 400 Treasury currency outstanding 7,615 + 13 + 437 7,622 92,798 +1 ,426 +7,066 92,726 Currency in circulation 61,242 + 202 +4,008 61,620 Treasury cash holdings 450 - 7 + 33 452 Treasury deposits with F.R, Banks 1,895 + 332 +1,067 2,031 Foreign deposits with F.R. Banks 426 + 283 + 283 473 Other deposits with F.R. Banks 736 + 26 + 40 725 Other F.R. liabilities and capital 2,234 + 15 + 58 2,250 66,983 + 851 +5,490 67,551 Member bank reserves: With Federal Reserve Banks 25,815 -f 575 +1,577 25,175 Currency and coin 5,377 - 519 + 317 5,377 Total reserves held 31,192 + 56 +1,894 30,552 Required reserves 31,180 + 234 +2,092 31,180 Excess reserves 12 - 178 - 198 1 - 628 NOTE: A net of $151 million of surplus reserves w*ere eligible to be carried forward from the week ended December 15, into the week ending December 22. On December 22, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27, 697 million, an increase of $957 million for the week. U Includes $23 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. 22, Dec. 15, Dec. 23, 1971 1971 1970 A S S E TS Gold certificate account * 9,875 — 967 Special Drawing Rights certif. accts. (759) 400 — — Cash 246 - 6 + 27 Discounts and advances 828 + 799 + 208 Acceptances--Bought outright 75 + 9 + 19 Held under repurchase agreements 3 + 3 + 3 Federal Agency obligatons—Bought outright 485 + 145 + 485 Held under repurchase agreements U. S. Government securities: Bought outright—Bills 29,315 + 463 +3,676 Certificates Notes 35,554 +2,372 Bonds 3,286 + 400 Total bought outright 1/ 68,155 463 +6,448 Held under repurchase agreements 12 + 12 + 12 Total U.S. Government securities 68,167 + 475 +6,460 Total loans and securities 69,558 +1,431 +7,175 Cash items in process of collection (3,471) 13,284 15 +1,226 Bank premises 150 — + 22 Other assets 2/ 868 + 35 74 TOTAL ASSETS (4,230) 94,381 +1,445 +7,409 I i I A B I L I T I . E S. Federal Reserve notes (759) 54,439 + 325 +3,717 Deposits: Member bank--reserves account 25,095 +1,013 + 955 U. S. Treasurer—general account 2,031 - 96 +1,257 Foreign 473 + 300 + 329 Other 3/ 725 + 16 + 17 Total deposits 28,324 +1,233 +2,558 Deferred availability cash items (3,471) 9,368 - 165 +1,080 Other liabilities and accrued dividends 573 15 5 TOTAL LIABILITIES (4,230) 92,704 +1,378 +7,350 C A P I T AL A C C O U N TS Capital paid in 738 + 40 Surplus 702 -- + 33 Other capital accounts 237 67 14 Contingent liability on acceptances purchased for foreign correspondents 255 * Figures in parentheses are the eliminations made in the consolidating process, \J Includes $23 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. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 22, 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 823 15 4,390 +1 ,594 8 16 days to 90 days 5 63 14,276 -1, 060 20 91 days to 1 year 15,608 - 59 182 Over 1 year to 5 years 25,100 -- 181 Over 5 years to 10 years 7,664 -- 61 Over 10 years — -- 1,129 -- 33 Total 828 78 68,167 + 475 485 +145 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 22, 1971 New Phila Cleve Rich St. Minne Kansas San Total Boston Atlanta Chicago Dallas York delphia land mond Louis apolis Citv Francisco I _ _ _ __ n millions of dollars) „__ „__^_-_____™ A S S E TS (I Gold certificate account 9,875 221 2,808 683 717 1,005 495 1,982 436 185 362 496 485 Special Drawing Rights certif. acct. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 759 107 119 51 41 59 145 43 23 25 33 30 83 Other cash 246 7 19 8 27 37 31 28 15 8 24 13 29 Discounts and advances 828 574 10 159 23 31 6 22 Acceptances: Bought outright | 75 75 _- -- -- -- -- -- Held under repurchase agreements ! 3 -- 3 -- -- -- -- -- -- -- -- -- -- Federal Agency obligations-- Bought outright 485 24 116 26 38 35 25 81 18 9 20 23 70 Held under repurchase agreements -- -- -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright-- Bills 29,315 1,445 7,009 1,565 2,316 2,129 1,500 4,881 1,100 547 1,173 1,399 4,251 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 1/ 68,155 3,359 16,297 3,639 5,385 4,951 3,487 11,347 2,556 r, 271 2,726 3,253 9,884 Held under repurchase agreements 12 -- 12 -- — -- — — — -- -- -- — Total U.S. Government securities 68,167 3,359 16,309 3,639 5,385 4,951 3,487 11,347 2,556 r, 271 2,726 3,253 9,884 Total loans and securities 69,558 ; 3,383 17,077 3,666 5,423 4,987 3,522 11,587 2,597 1 ,311 2,752 3,277 9,976 Cash items in process of collection 16,755 j 891 2,961 840 1,148 1,313 1,929 2,630 910 770 955 970 1,438 Bank premises 150 j 2 8 3 24 13 16 17 14 19 17 9 8 Other assets 2/ 868 57 314 40 52 53 36 104 24 18 26 32 112 TOTAL ASSETS 98,611 4,691 23,399 5,314 7,465 7,503 6,196 16,461 4,034 2 ,343 4,184 4,841 12,180 1/ Includes $23 million securities loaned—fully by U.S„ Government securities pledged with Federal Reserve Banks. 2/ 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 22, 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 55,198 2,951 13,474 3,236 4,510 4,833 2,816 9,645 2,127 923 2,050 2,133 6,500 Deposits: Member bank reserves 25,095 702 6,418 1,091 1,614 1,345 1,574 3,879 969 612 1,159 1,697 4,035 U. S. Treasurer—general account 2,031 154 358 168 115 113 85 301 142 215 88 136 156 Foreign 473 23 1/ 120 24 43 24 32 72 16 11 20 27 61 Other 725 2 2/ 625 2 2 12 3 48 4 2 3 1 21 Total deposits 28,324 881 7,521 1,285 1,774 1,494 1,694 4,300 1,131 840 1,270 1,861 4,273 Deferred availability cash items 12,839 754 1,835 676 984 1,044 1,545 2,168 697 527 772 729 1,108 Other liabilities and accrued dividends 573 28 136 30 46 41 31 94 22 15 22 27 81 TOTAL LIABILITIES 96,934 4,614 22,966 5,227 7,314 7,412 6,086 16,207 3,977 2,305 4,114 4^750 11,962 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 237 10 56 13 20 17 13 39 8 5 9 11 36 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 98,611 4,691 23,399 5,314 7,465 7,503 6,196 16,461 4,034 2,343 4,184 4,841 12,180 Contingent liability on ace: eptances purchased for foreign correspondent s 255 12 3/ 67 13 23 13 17 38 9 6 11 14 32 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding 57,214 3,080 13,923 3,322 4,676 4,954 3,002 9,892 2,210 952 2,119 2,274 6,810 Collateral for F. R. notes: Gold certificate account 2,670 175 500 300 350 485 700 155 5 U. S. Government securities 55,665 3,000 13,600 3,150 4,400 4,520 3,100 9,300 2,130 960 2,175 2,330 7,000 Total collateral 58,335 3,175 14,100 3,450 4,750 5,005 3,100 10,000 2,285 960 2,175 2,335 7,000 1/ After deducting $353 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