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 December 22, 1977 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Dec. 21, Dec. 14, Dec. 22, Dec. 21, and related items 1977 1977 1976 1,977 Reserve Bank credit: TT (In millions of dollars) T7T7 U.S. Government securities-- Bought outright--System account 99,504 +2,088 +7,693 99,588 Held under repurchase agreements 1,028 +1,028 -1,656 2,389 Federal Agency obligations-- Bought outright 7,305 14 511 7,305 Held under repurchase agreements 146 + 146 57 246 Acceptances-- Bought outright 196 Held under repurchase agreements 270 270 26 469 Loans-- Total member bank borrowing 528 + 19 491 1,038 Includes seasonal borrowing of: 53 3 42 54 Other borrowing Float 5,612 + 381 +2,048 7,044 Other F.R. assets 2,247 + 110 - 911 2,328 Total Reserve Bank credit 116,639 +4,027 +8,061 120,407 Gold Stock 11,718 -- + 120 11,718 Special Drawing Rights certif. acct. 1,200 -- 1,200 Treasury currency outstanding 11,359 + 11 + 485 11,360 140,916 +4,038 +8,666 144,685 Currency in circulation ** 102,941 + 432 +8,958 103,588 Treasury cash holdings ** 450 -- + 5 450 Treasury deposits with F.R. Banks 5,303 +2,093 -1,175 8,201 Foreign deposits with F.R. Banks 280 + 10 25 285 Other deposits with F.R. Banks 4/ 620 _.- - 296 531 Other F.R. liabilities and capiFal 3,671 + 263 + 408 3,653 113,264 +2,798 +7,874 116,708 Member bank reserves: With Federal Reserve Banks 27,653 +1,241 794 27,978 Currency and coin 8,925 - 897 789 8,925 Total reserves held 5/ 36,637 + 345 +1,483 36,962 Required reserves ~ 36,429 + 447 +1,346 I 36,429 Excess reserves 5/ 208 - 102 + 137 533 NOTE: A net of $135 million of surplus reserves were eligible to be carried forward from the week ended December 14, into the week ending December 21. On December 21, 1977, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $76,339 million, an increase of $487 million for the week. 1/ Net of $1,259 million, daily average, matched sale-purchase transactions outstanding during the statement week. 2/ Excludes $1,264 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 3/ Includes $88 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 4/ Includes $20 million of certain deposits of foreign-owned banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. 57 Adjusted to include $59 million waivers of penalties for reserve deficiencies in accordance with Board policy effective November 19, 1975. * Estimated (Atlanta 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 Dec. 21, Dec. 14, De c. 22, A S S E TS 1977** 1977 1976 Gold certificate account 11,718 — + 120 Special Drawing Rights certif. acct. * 1,200 — — Coin 290 4 - 71 Loans 1,038 - 198 + 962 Acceptances—Bought outright — — - 195 Held under repurchase agreements 469 + 469 - 44 Federal Agency obligations--Bought outright 7,305 — + 511 Held under repurchase agreements 246 + 246 + 28 U.S. Government securities: Bought outright—Bills 40,231 +4,031 +2,704 Certificates Notes 50,509 + 893 +3,039 Bonds 8,848 + 107 +2,158 Total bought outright 1/2/ 99,588 +5,031 +7,901 Held under repurchase agreements 2 t 389 +2,389 -4,086 Total U.S. Government securities 101,977 +7,420 +3,815 Total loans and securities 111,035 +7,937 +5,077 Cash items in process of collection (2330) 14,402 +1,299 +3,523 Bank premises 384 + 1 + 17 Other assets 3/ 1,944 + 143 - 807 TOTAL ASSETS (2330) 140,973 +9,376 L I A B I L I T I ES Federal Reserve notes 92,967 + 585 +8,490 Deposits: Member bank-reserves account 27,978 +2,820 - 994 U.S. Treasury—general account 8,201 +5,457 - 431 Foreign 285 6 2 Other 4/ 531 - 173 - 309 Total deposits 36,995 +8,098 -1,736 Deferred availability cash items (2330) 7,358 + 548 + 819 Other liabilities and accrued dividends 1,226 + 14 + 170 TOTAL LIABILITIES (2330) 138,546 +9,245 +7,743 C A P I T AL A C C O U N TS Capital paid in 1,027 + 2 + 47 Surplus 983 — + 54 Other capital accounts 417 + 129 + 15 * Figures in parentheses are the eliminations made in the consolidating process. Excludes $1,264 million of securities sold, and scheduled to be bought back, 1/ under matched sale-purchase transactions. Includes $88 million securities loaned—fully secured by U.S. Government 1/ securities pledged with Federal Reserve Banks. Includes assets denominated in foreign currencies. 2/ Includes $20 million of certain deposits of foreign-owned banking institutions 4/ voluntarily held with member banks and redeposited in full with Federal Reserve Banks. Estimated (Atlanta District). MATURITY DISTRIBUTION: OF LOANS AND SECURITIES. December 21, 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 Loan 8 Accept securities obligations ances Holdings Weekly Holdings Weekly changes changes Within 15 days 1,028 469 6,363 +4,160 344 +335 16 days to 90 days 10 19,962 +2,120 423 - 80 91 days to 1 year 30,681 + 238 740 - 9 Over 1 year to 5 years 27,516 + 628 3,763 — Over 5 years to 10 years 10,388 + 166 1,469 — Over 10 years 7,067 + 108 812 — Total 1,038 469 101,977 +7,420 7,551 +246 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 21, 1977 New Phila- Cleve- Rich- St. Minne- Kansas San Total Boston York delphia land mond Atlanta* Chicago Louis apolis Citv Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 11,718 541 3,492 631 934 982 560 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 290 17 18 14 40 28 28 24 21 10 43 14 33 Loans 1,038 86 370 48 2 58 15 189 5 11 57 137 60 Acceptances: Bought outright -- — — — -- — — — — — — — — Held under repurchase agreements 469 — 469 — — — — — — — — — — Federal Agency obligations— Bought outright 7,305 341 1,724 390 612 597 361 1,170 310 179 293 365 963 Held under repurchase agreements 246 -- 246 -- -- -- -- -- — — — -- — U.S. Government securities: Bought outright— Bills 40,231 1,880 9,496 2,146 3,368 3,289 1,986 6,445 1,707 984 1,614 2,012 5,304 Certificates -- ~" — -~ -- — — — — — ~ — — Notes 50,509 2,360 11,921 2,695 4,228 4,129 2,494 8,091 2,143 1,237 2,026 2,526 6,659 Bonds_ 8,848 413 2.088 iZ2 741 723 437 1.417 376 217 355 w> 1,167 Total bought outright 172/ 99,588 4,653 23,505 5,313 8,337 8,141 4,917 15,953 4,226 2,438 3,995 4,980 13,130 Held under repurchase agreements 2,389 — 2,389 — -- — .. -- — -- — — Total U.S. Government securities 101.977 4.653 25.894 5.313 8,337 8.141 4.917 15.953 4,226 2,438 3,995 4,980 13,130 Total loans and securities 111,035 5,080 28,703 5,751 8,951 8,796 5,293 17,312 4,541 2,628 4,345 5,482 14,153 Cash items in process of collection 16,732 561 2,376 465 926 2,342 1,691 2,604 667 664 1,274 896 2,266 Bank premises 384 111 10 56 23 70 14 16 13 30 20 12 9 Other assets 3/ 1,944 83 462 93 128 154 127 243 86 64 69 87 348 Interdistrict settlement account -0- + 23 + 505 - 291 + 195 + 357 - 673 - 653 - 182 - 196 - 179 + 166 + 928 TOTAL 143,303 6,476 35,866 6,790 11,300 12,838 7,102 21,472 5,665 3,449 6,007 7,159 19,179 * Estimated (Atlanta District). 1/ Excludes $1,264 million of securities sold, and scheduled to be bought back, under matched sale-purchaset ransactions. 2/ Includes $88 million securities loaned--fully secured by U.S. Government securities pledged with FederalR eserve Banks. 3/ Includes assets denominated in foreign currencies. 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 21, 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) L I A B I L I T I ES Federal Reserve notes 92,967 4,723 23,773 4,972 8,060 8,362 3,564 15,475 3,893 1,976 3,431 4,036 10,702 Deposits: Member bank reserves 27,978 767 6,699 1,078 1,809 1,538 1,803 3,593 864 672 1,221 1,891 6,043 U.S. Treasury--general account 8,201 480 2,799 330 659 672 453 745 354 189 265 449 806 Foreign 285 10 1/ 80 12 24 15 21 41 9 8 12 15 38 Other 2/ 531 1 437 2 9 50 5 1 2 11 13 TToottaall ddeeppoossiittss 36,995 1,258 10,015 1,422 2,492 2,234 2,327 4,384 1,227 870 1,500 2,366 6,900 DDeeffeerrrreedd aavvaaiillaabbiilliittyy ccaasshh iitteemmss 9,688 363 1,123 230 451 1,995 979 1,068 421 505 930 568 1,055 Other liabilities and accured dividends 1,226 51 331 58 91 106 60 171 44 28 46 54 186 TOTAL LIABILITIES 140,876 6,395 35,242 6,682 11,094 12,697 6,930 21,098 5,585 3,379 5,907 7,024 18,843 CAPITAL ACCOUNTS Capital paid in 1,027 32 266 44 87 55 78 157 32 31 43 58 144 Surplus 983 35 251 43 84 54 75 148 33 29 41 55 135 OOtthheerr ccaappiittaall aaccccoouunnttss 417 14 107 21 35 32 19 69 15 10 16 22 57 TTOOTTAALL LLIIAABBIILLIITTIIEESS AANNDD CCAAPPIITTAALL AACCCCOOUUNNTTSS 143,303 6,476 35,866 6,790 11,300 12,838 7,102 21,472 5,665 3,449 6,007 7,159 19,179 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 98,190 4,911 24,686 5,414 8,337 8,745 4,425 15 795 4,098 2,039 3 ,710 4,473 11,557 Collateral for F.R. notes: Gold certificate account 11,714 541 3,491 632 933 982 559 1 736 468 225 393 456 1,298 Special Drawing Rights certif. acct. 855 60 300 -- 103 109 62 -- 50 24 42 46 59 Acceptances .- -- -- -- -- -- -- -- — — -- -- -- U.S. Government securities 87,485 4,350 21,050 4,800 7,500 7,700 4,000 14 200 3,650 2,010 3 700 4,025 10,500 Total collateral 100,054 4,951 24,841 5,432 8,536 8,791 4,621 15 ,936 4,168 2,259 4 135 4,527 11,857 JL/~ After deducting $2o$ million pai• ticipation s of oth<s r Federal Reserve Banks. 2/ Includes $20 million of certain deposits of foreign-owned banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. * Estimated (Atlanta District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis