H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release January 6, 1977 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Jan. 5, * Dec. 29, Jan. 7, Jan. 5, * and related items 1977 1976 197A 1977 Reserve Bank credit: / (In millions of dollars) 1 11 U.S. Government securities— Bought outright—System account 92,774 + 983 + 6,384 93,134 Held under repurchase agreements 4,099 -1,388 + 2,546 2,375 Federal Agency obligations-- Bought outright 6,794 -- + 722 6,794 Held under repurchase agreements 289 + 7 + 153 235 Acceptances— Bought outright 197 + 2 - 544 196 Held under repurchase agreements 731 + 116 + 426 562 Loans— Total member bank borrowing 32 - 50 . 35 30 Includes seasonal borrowing of: 8 3 - 2 8 Other borrowing Float 3,479 - 861 + 29 4,205 Other F.R. assets 3,357 ++ 116666 114444 2,971 Total Reserve Bank credit 111,752 --11,,002266 ++""99 ,,553377 || 110,502 Gold Stock 11,598 .- - 1 11,598 Special Drawing Rights certif. acct. 1,200 -- + 700 1,200 Treasury currency outstanding 10,884 ++ 33 ++ 776655 10s884 135,434 --11,,002233 ++1111,,000011 134,184 Currency in circulation 93,954 - 328 + 7,943 93,822 Treasury cash holdings 475 -« - 3 475 Treasury deposits with F.R. Banks 9,019 - 762 + 3,080 5,400 Foreign deposits with F.R. Banks 305 - 80 + 27 269 Other deposits with F.R. Banks V 1,188 + 306 + 3 690 Other F.R. liabilities and capital _3^158 -- 333344 ++ 9999 3,053 108,100 --11,,119977 ++1111,,115500 103,709 Member bank reserves: With Federal Reserve Banks 27,333 + 174 . 150 30,474 Currency and coin 8,633 ++ 99 669966 8,633 Total reserves held 4/ 36,107 ++ 116666 ++ 555566 39,248 Required reserves 35,478 16 + 251 J 35,478 Excess reserves 4/ 629 + 182 + 305 3,770 NOTE: A net of $143 million of surplus reserves were eligible to be carried forward from the week ended December 29, 1976, into the week ending January 5, 1977. On January 5, 1977, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $51,212 million, an increase of $867 million for the week. 1/ Net of $433 million, daily average, matched sale-purchase transactions outstanding during the statement week. 2/ Includes $81 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes $21 million of certain deposits of foreign-owned banking institutions voluntarily held with member banks and redeposited in full will Federal Reserve Banks. 4/ Adjusted to include $141 million waivers of penalties for reserve deficiencies in accordance with Board policy effective November 19, 1975, * Estimated (Cleveland District). ** Estimated (Treasury *s Figures). 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 January 5, Dec. 29, Jan. 7, A S S E TS 1977 ** 1976 1976 Gold certificate account 11,598 -- 1 Special Drawing Rights certif. acct. * 1,200 — + 700 Coin 351 6 24 Loans 30 - 345 11 Acceptances--Bought outright 196 — - 546 Held under repurchase agreements 562 - 259 + 350 Federal Agency obligations--Bought outright 6,794 — + 722 Held under repurchase agreements 235 - 174 + 58 U.S. Government securities: Bought outright—Bills 38,437 +1,092 + 3,209 Certificates Notes 47,972 + 502 + 3,983 Bonds 6,725 + 35 + 1,204 Total bought outright 1/ 93,134 +1,629 + 8,396 Held under repurchase agreements 2,375 -7,079 + 1,490 Total U.S. Government securities 95,509 -5,450 + 9,886 Total loans and securities 103,326 -6,228 +10,459 Cash items in process of collection (1,795) 10,977 +2,333 + 1,531 Bank premises 292 71 29 Other assets 2_/ 2,679 - 200 - 443 TOTAL ASSETS (1,795) 130,423 -4,172 +12,193 LIABILITIES! Federal Reserve notes 83,765 - 729 + 7,328 Deposits: Member bank-reserves account 30,474 + 443 + 1,008 U.S. Treasury—general account 5,400 -4,284 + 3,154 Foreign 269 + 12 + 25 Other 3/ 690 - 242 219 Total deposits 36,833 -4,071 + 3,968 Deferred availability cash items (1,795) 6,772 +1,142 + 912 Other liabilities and accrued dividends 1,003 - 149 95 TOTAL LIABILITIES (1,795) 128,373 -3,807 +12,113 C A P I T AL A C C O U N TS Capital paid in 983 1 + 54 Surplus 983 + 54 + 55 Other capital accounts 84 - 418 29 * Figures in parentheses are the eliminations made in the consolidating process. Estimated (Cleveland District). 1/ Includes $81 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. y Includes assets denominated in foreign currencies, and Operating equipment formerly shown as separate item. 3/ Includes $21 million of certain deposits of foreign-owned banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. MATURITY DISTRIBUTION: OF LOANS AND SECURITIES, JANUARY 5, 1977 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) U.S. Government Federal Agency Loans Accept securities obligations ances Holdings Weekly Holdings Weekly changes changes Within 15 days 24 586 7,081 -6,273 247 -203 16 days to 90 days 6 107 18,607 +1,407 325 + 29 91 days to 1 year — 65 25,117 -1,099 1,031 + 54 Over 1 year to 5 years — — 30,710 + 432 3,307 - 48 Over 5 years to 10 years — — 9,045 + 48 1,382 - 6 Over 10 years — — 4^949 + 35 737 — Total 30 758 95,509 -5,450 7,029 -174 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 JANUARY 5, 1977 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 11,598 542 3,350 641 939 992 599 1,704 466 222 397 421 1,325 Special Drawing Rights certif. acct. 1,200 60 300 71 103 109 62 190 50 24 42 46 143 Coin U 351 17 28 10 46 41 37 34 26 14 43 21 34 Loans 30 — 2 3 2 « 2 12 — — 7 1 1 Acceptances: Bought outright 196 — 196 .. -- -- — — — -- — — -- Held under repurchase agreements 562 -- 562 -- -- -- -- -- -- — -- -- — Federal Agency obligations— Bought outright 6,794 314 1,598 377 560 545 364 1,088 277 155 269 323 924 Held under repurchase agreements 235 -- 235 — -- — — -- -- — -- — -- U.S. Government securities: Bought outright— Bills 38,437 1,776 9,041 2,133 3,169 3,085 2,059 6,155 1,567 879 1,521 1,826 5,226 Certificates -- — -- — — -- -- -_ -- — — -- -- Notes 47,972 2,217 11,283 2,661 3,955 3,850 2,570 7,682 1,956 1 ,097 1,899 2,279 6,523 Bonds 6,725 311 1,582 373 555 540 360 1,077 274 154 266 319 914 Total bought outright 2/ 93,134 4,304 21,906 5,167 7,679 7,475 4,989 14,914 3,797 2 ,130 3,686 4,424 12,663 Held under repurchase agreements 2,375 — 2,375 -- -- — -- — — — -- — — Total U.S. Government securities 95.509 4,304 24,281 5,167 7,679 7,475 4,989 14,914 3,797 2 ,130 3,686 4,424 12,663 Total loans and securities 103,326 4,618 26,874 5,547 8,241 8,020 5,355 16,014 4,074 2 ,285 3,962 4,748 13,588 Cash items in process of collection 12,772 398 2,099 235 969 1,890 1,371 1,308 568 636 996 858 1,444 Bank premises 292 106 17 56 24 48 - 57 16 13 31 17 12 9 Other assets 3/ 2,679 78 1,263 136 136 136 104 252 74 42 67 80 311 Interdistrict rjttlement account -0- 4- 196 + 157 - 255 + 785 - 126 -1,115 - 456 7 + 47 - 126 + 257 + 643 TOTAL 132.218 6,015 34,088 6,441 11,243 11,110 6,356 19,062 5,264 3 ,301 5,398 6,443 17,497 * Estimated (Cleveland District). 1/ Effective Jan. 1, 1977, the following two changes were made in the reporting of assets of Federal Reserve Banks. (1) Federal Reserve notes of other Federal Reserve Banks were merged into the liability account for Federal Reserve notes, and (2) operating equipment, heretofore shown as a separate item, was transferred to other assets. 2,/ Includes $81 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 5, 1977 New Phila Cleve Rich St. Minne Kansas San Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco (In millions o f dollars) L I A B I L I T I ES Federal Reserve notes 83,765 4,148 21,396 4,721 7,345 7,470 3,598 13,878 3,535 1,713 2,932 3,452 9,577 Deposits: Member bank reserves 30,474 898 9,599 959 2,169 1,304 1,511 3,553 818 684 1,092 1,843 6,044 U.S. Treasury—general account 5,400 503 657 416 588 482 282 357 434 304 385 395 597 Foreign 269 9 1/ 93 11 21 13 18 36 8 7 10 13 30 Other 2/ 690 1 585 2 1 9 50 5 I 1 2 18 15 Total deposits 36,833 1,411 10,934 1,388 2,779 1,808 1,861 3,951 1,261 996 1,489 2,269 6,686 Deferred availability cash items 8,567 338 980 191 871 1,649 691 781 365 511 858 567 765 Other liabilities and accured dividends l r 003 44 255 51 73 68 52 143 34 22 34 41 186 TOTAL LIABILITIES 130,168 5,941 33,565 6,351 11,068 10,995 6,202 18,753 5,195 3,242 5,313 6,329 17,214 CAPITAL ACCOUNTS Capital paid in 983 35 250 43 84 54 75 148 33 29 41 55 136 Surplus 983 35 251 43 84 54 75 148 33 29 41 55 135 Other capital accounts 84 4 22 4 7 7 4 13 3 1 3 4 12 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 132,218 6,015 34,088 6,441 11,243 11,110 6,356 19,062 5,264 3,301 5,398 6,443 17,497 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 89,185 4,389 22,399 5,032 7,650 7,926 4,389 14,259 3,761 1,808 3,171 3,855 10,546 Collateral for F.R. notes: Gold certificate account 11,596 542 3,350 641 939 992 599 1,704 466 222 396 420 1,325 Special Drawing Rights certif. acct, 643 60 300 62 50 24 42 46 59 Acceptances U.S. Government securities 78,100 3,830 18,850 4,500 6,810 7,025 4,000 12,600 3,350 1,610 2,800 3,425 9,300 Total collateral 90,339 4,432 22,500 5,141 7,749 8,017 4,661 14,304 3,866 1,856 3,238 3,891 10,684 * Estimated (Cleveland District). 1/ After deducting $176 million participations of other Federal Reserve Banks. 2/ Includes $21 million of certain deposits of foreign-owned banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis