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 November 25, 1977 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Nov. 23,* Nov. 16 I Nov. 24, Nov. 23,* and related items 1977 1977 1 1976 1977 Reserve Bank credit: 1/ (In millions of dollars) 273/ U.S. Government securities— Bought outright—System account 95,414 + 495 +3,658 96,627 Held under repurchase agreements 151 + 151 -1,138 1,060 Federal Agency obligations-- Bought outright 7,329 -- 4- 458 7,329 Held under repurchase agreements 22 + 22 18 155 Acceptances— Bought outright __. __ - 200 -- Held under repurchase agreements 26 + 26 - 113 182 Loans-- Total member bank borrowing 881 + 347 + 837 2,966 Includes seasonal borrowing of: 84 + 3 + 63 85 Other borrowing Float 5,281 + 89 +2,225 4,940 Other F.R. assets 2,011 - 496 -1,066 2,077 Total Reserve Bank credit 111,116 + 635 +4,644 115,336 Gold Stock 11,595 -- 3 11,595 Special Drawing Rights certif. acct. 1,200 .- -- 1,200 Treasury currency outstanding 11,322 + 15 + 480 11,327 135,234 + 651 +5,122 139,458 Currency in circulation 100,995 + 143 +8,677 101,460 Treasury cash holdings 450 __ 11 .450 Treasury deposits with F.R. Banks 1,757 33 -4,626 2,018 Foreign deposits with F.R. Banks 286 - 43 + 66 269 Other deposits with F.R. Banks 4/ 518 - 57 - 277 599 Other F.R. liabilities and capital 3,659 + 142 + 321 1 3,801 107,665 + 152 +4,150 108,597 Member bank reserves: With Federal Reserve Banks 27,568 + 498 + 972 30,861 ( Currency and coin 8,259 - 937 + 622 8,259 Total reserves held 5/ 35,889 - 439 +1,497 39,182 Required reserves 35,858 + 42 +1,586 35,858 Excess reserves 5/ 31 - 481 89 3,324 NOTE: A net of $176 million of surplus reserves were eligible to be carried forward from the week ended November 16, into the week ending November 23. On November 23, 1977, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $72,819 million, an increase of $1,437 million for the week. V Net of $3,215 million, daily average, matched sale-purchase transactions outstanding during the statement week. 2/ Excludes $1,345 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 3/ Includes $226 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 4/ Includes $14 million of certain deposits of foreign-owned banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. 5/ Adjusted to include $6.2 million waivers of penalties for reserve deficiencies in accordance with Board policy effective November 19, 1975. * Estimated (Richmond District). k* 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 Nov. 23, Nov. 16, Nov. 24, A S S E TS 1977** 1977 1976 Gold certificate account 1,595 — 3 Special Drawing Rights certif. acct. * 1,200 -- — Coin 296 + 1 - 68 Loans 2,966 4- 2,595 +2,883 Acceptances—Bought outright -- — - 199 Held under repurchase agreements 182 + 182 - 163 Federal Agency obligations—Bought outright 7,329 — + 458 Held under repurchase agreements 155 + 155 3 U.S. Government securities: Bought outright—Bills 8,270 + 6,682 - 132 Certificates Notes 49,616 +2,719 Bonds 8,741 +2,235 Total bought outright J./2/ 96,627 + 6,682 +4,822 Held under repurchase agreements 1,060 + 1,060 -2,709 Total U.S. Government securities 97,687 + 7,742 +2,113 Total loans and securities 108,319 +10,674 +5,089 Cash items in process of collection (2,196) 11,495 - 4,406 +2,397 Bank premises 382 + 1 + 18 Other assets 3/ 1,695 + 27 TOTAL ASSETS (2,196) 134.982 + 6.297 +6.352 LIABILITIES Federal Reserve notes 90,879 + 317 +8,131 Deposits: Member bank-reserves account 30,861 + 6,935 +1,901 U«S. Treasury—general account 2,018 + 819 -4,947 Foreign 269 + 1 + 50 Other * / 599 + 105 - 312 Total deposits 33,747 + 7,860 -3,308 Deferred availability cash items (2,196) 6,555 - 1,905 +1,158 Other liabilities and accrued dividends 1,378 - 93 + 298 TOTAL LIABILITIES (2,196) 132,559 + 6,179 +6,279 C A P I T AL ACCOUNTS Capital paid in 1,024 + 1 + 50 Surplus 983 + 54 Other capital accounts 416 + 117 - 31 Figures in parentheses are the eliminations made in the consolidating process. U Excludes $1,865 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. II. Includes $226 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. II Includes assets denominated in foreign currencies. 4/ Includes $14 million of certain deposits of foreign-owned banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. Estimated (Richmond District). MATURITY DISTRIBUTION: OF LOANS AND SECURITIES. November 23, 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 2,954 182 4,2*8 +2,178 286 +155 16 days to 90 days 12 19,18-i. +8,301 312 91 days to 1 year 30,097 -2,737 819 Over 1 year to 5 years 27,010 -- 3,752 Over 5 years to 10 years 10,222 .- 1,492 Over 10 years 6,959 — 823 Total 2,966 182 97,687 +7,742 7,484 +155 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 November 23, 1977 New Phila- Cleve- Rich- St. Minne- Kansas San Total 1 Boston York delnhia land * mond Atlanta Chicago Louis apolis City Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 11,595 541 3,369 631 934 982 560 1,736 469 225 393 456 1,299 Special Drawing Rights certif. acct. 1,200 60 300 71 103 109 62 190 50 24 42 46 143 Coin ' 296 16 20 15 40 30 31 22 21 11 42 14 34 Loans 2,966 108 1,799 119 95 74 47 246 66 31 86 109 186 Acceptances: Bought outright -- -- — -- -- — -- -- -- — — -- -- Held under repurchase agreements 182 -- 182 -- -- -- -- -- -- — -- — -- Federal Agency obligations— Bought outright 7,329 343 1,730 391 614 599 362 1,174 311 179 294 366 966 Held under repurchase agreements 155 — 155 ' — -- -- -- -- -- -- — — — U.S. Government securities: Bought outright— Bills 38,270 1,788 9,033 2,042 3,204 3,128 1,889 6,130 1,624 937 1,535 1,914 5,046 Certificates _- -_ -- -- -- — -- -- -- -- -- Notes 49,616 2,319 11,710 2,647 4,153 4,056 2,449 7,949 2,106 1 ,215 1,990 2,481 6,541 Bonds 8,741 408 2,063 466 732 715 432 1,400 371 214 351 437 1,152 Total bought outright 1/2/ 96,627 4,515 22,806 5,155 8,089 7,899 4,770 15,479 4,101 2 ,366 3,876 4,832 12,739 Held under repurchase agreements 1,060 -- 1,060 -- — — -- — — -- -- -- -- Total U.S. Government securities 97,687 4,515 23,866 5,155 8,089 7,899 4,770 15,479 4,101 2 ,366 3,876 4,832 12,739 Total loans and securities 108,319 4,966 27,732 5,665 8,798 8,572 5,179 16,899 4,478 2 ,576 4,256 5,307 13,891 Cash items in process of collection 13,691 448 1,818 387 549 2,100 1,582 1,746 515 572 1,078 867 2,029 Bank premises 382 111 10 56 24 69 14 16 13 30 18 12 9 Other assets 3/ 1,695 96 359 75 124 240 102 195 58 40 57 113 236 Interdistrict settlement account -0- | - 118 11 - 356 - 19 + 96 - 704 - 480 - 254 -_2 29 - 66 + 56 +2,085 TOTAL 137,178 6,120 33,597 6,544 10,553 12,198 6,826 20,324 5,350 3 ,249 5,820 6,871 19,726 1/ Excludes $1,865 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $226 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3^/ Includes assets denominated in foreign currencies. * Estimated (Richmond District). 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 NOVEMBER 23, 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 90,879 4,577 23,250 4,869 7,847 8,217 3,560 15,047 3,807 1,931 3,358 3,969 10,447 Deposits: 30,861 1 932 7,500 1,097 1,879 1,586 1,890 3,800 946 609 1,325 1,993 7,304 Member bank reserves 2,018 98 429 191 178 172 93 112 112 104 124 148 257 U.S. Treasury--general account Foreign 269 10 1/ ' 64 12 24 15 21 41 9 8 12 15 38 599 1 494 4 16 51 8 1 2 2 7 13 Other Total deposits 33,747 1,041 8,487 1,304 2,081 1,789 2,055 3,961 1,068 723 1,463 2,163 7,612 Deferred availability cash items 8,751 371 956 208 333 1,847 979 775 351 499 856 552 1,024 Other liabilities and accured dividends 1,378 50 283 55 88 205 60 166 43 27 42 52 307 TOTAL LIABILITIES 134,755 6,039 32,976 6,436 10,349 12,058 6,654 19,949 5,269 3,180 5,719 6,736 19,390 CAPITAL ACCOUNTS Capital paid in 1,024 32 266 44 87 55 77 157 32 30 43 58 143 Surplus 983 35 251 43 84 54 75 148 33 29 41 55 135 Other capital accounts 416 14 104 21 33 31 20 70 16 10 17 22? 58 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 137,178 6,120 33,597 6,544 10,553 12,198 6,826 20,324 5,350 3,249 5,820 6,871 19,726 FEDERAL RESERVE AGENTS1 ACCOUNTS F.R. notes outstanding 4,817 24,030 57ZW -87TC3 3753T ZT^ScT 15,350 570IO 1,979 3,6814,389 11,375 Collateral for F.R. notes: Gold certificate account 541 3,368 632 933 982 559 1,736 468 225 393 456 1,298 Special Drawing Rights certif. acct. 60 300 103 109 62 50 24 42 46 59 Acceptances U.S. Government securities 4,250 20,650 4,700 7,210 7,500 4,000 13,800 3,550 1,810 3,300 3,925 10,100 Total collateral * 4,851 24,318 5,332 8,246 8,591 4,621 15,536 4,068 2,059 3,735 4,427 11,457 1/ Afefer deducting $205 million participations of other Federal Reserve Banks. 2/ Includes $14 million of certain deposits of foreign-owned banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. * Estimated (Richmond District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis