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 5, 1978 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Jan. 4, Dec. 28, Jan. 5, Jan. 4, and related items 1978* 1977 1977 1978* Reserve Bank credit: rr (In millions of dollars) TTTT U.S. Government securities-- Bought outright—System account 100,904 86 +8,130 100,842 Held under repurchase agreements 2,640 265 -1,459 1,010 Federal Agency obligations-- Bought outright 8,004 9 +1,210 8,004 Held under repurchase agreements 501 64 + 212 226 Acceptances— Bought outright - 197 Held under repurchase agreements 901 + 312 + 170 624 Loans-- Total member bank borrowing 507 - 179 + 476 1,096 Includes seasonal borrowing of: 30 33 Other borrowing Float 4,245 -1 ,931 + 895 4,233 Other F.R. assets 2,441 + 41 - 843 2,388 Total Reserve Bank credit 120,143 -1 ,652 +8 ,594 118,423 Gold Stock 11,718 + 120 11,719 Special Drawing Rights certif. acct. 1,250 + 36 + 50 1,250 Treasury currency outstanding 11,380 + 16 + 523 11,384 144,491 -1,600 +9,287 142,776 Currency in circulation 103,847 + 190 +9,971 103,890 Treasury cash holdings 450 9 450 Treasury deposits with F.R. Banks 6,887 -2,459 -2,132 6,790 Foreign deposits with F.R. Banks 366 + 69 + 61 376 Other deposits with F.R. Banks 4/ 1,152 + 571 - 36 737 Other F.R. liabilities and capital 3,406 - 925 + 256 3,305 116 ,108 -2, 554 +8 ,111 115,548 Member bank reserves: With Federal Reserve Banks 28 384 + 953 +1 ,181 27,227 Currency and coin 9 421 + 64 + 793 9,421 Total reserves held 5J 37,858 +1,012 +1,884 36,701 Required reserves 37,617 +1,059 +2,156 37,617 Excess reserves 5/ 241 - 47 - 272 916 NOTE: A net of $129 million of surplus reserves were eligible to be carried forward from the week ended December 28, into the week ending January 4. On January 4, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $77,090 million, an increase of $743 million for the week. 1/ Net of $1,386 million, daily average, matched sale-purchase transactions outstanding during the statement week. V Excludes $1,448 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. II Includes $104 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 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 $53 million waivers of penalties for reserve deficiencies in accordance with Board policy effective November 19, 1975. Estimated (Dallas 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 ,, #, A (In millions of dollars) Wednesday Change since Jan. 4, Dec. 28, Jan. 5, A S S E TS 1978** 1977 1977 , Gold certificate account 11,719 + 1 + 121 Special Drawing Rights certif. acct. 1,250 -- + 50 Coin 276 5 75 Loans ^ 1,096 - 813 +1,067 Acceptances--B|||ght outright -- -- - 196 Held undfer repurchase agreements 624 - 110 + 62 Federal Agertily obligations--Bought outright 8,004 9 +1,210 Held under repurchase agreements 226 - 586 9 U.S. Government securities: Bought outright—Bills 41,485 - 221 +3,048 Certificates Notes 50,509 -- +2,537 Bonds 88,,884488 -- +2,123 Total bought outright 1/2/ 110000,,884422 - 221 +7,708 Held under repurchase agreements 1,010 -3,609 -1,365 Total U.S. Government securities 101,852 -3,830 +6,343 Total loans and securities 111,802 -5,348 +8,477 Cash items in process of collection (1,933) 12,452 - 770 +1,709 Bank premises 377 — + 85 Other assets 3/ 2,011 15 - 668 TOTAL ASSETS (1,933) 139,887 -6,137 +9,699 L I A B I L I T I ES Federal Reserve notes 93,233 - 485 +9,474 Deposits: Member bank-reserves account 27,227 -4,689 -3,383 U.S. Treasury—general account 6,790 - 874 +1,390 Foreign 376 + 49 + 107 Other */ 737 + 107 + 47 Total deposits 35,130 -5,407 -1,839 Deferred availability cash items (1,933) 8,219 + 352 +1,812 Other liabilities and accrued dividends 1,168 - 173 + 165 TOTAL LIABILITIES (1,933) 137,750 -5,713 +9,612 C A P I T AL A C C O U N TS Capital paid in 1,030 + 3 + 47 Surplus 1,029 + 46 + 46 Other capital accounts 78 - 473 6 Figures in parentheses are the eliminations made in the consolidating process,. Estimated (Dallas District). 1/ Excludes $1,448 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $104 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. 4/ Includes $14 million of certain deposits of foreign-owned banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. MATURITY DISTRIBUTION: OF LOANS AND SECURITIES, January 4, 1978 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) U.S. Government Federal Agency Loans Accept securities obligations ances Holdings Weekly Holdings Weekly changes [changes Within 15 days 1,083 62T 5,117 -4,37$- TTT 16 days to 90 days 13 20,143 +1,258 465 91 days to 1 year 31,916 - 414 827 Over 1 year to 5 years 27,221 - 295 4,109 Over 5 years to 10 years 10,388 — 1,648 Over 10 years 7,067 « 954 Total 1,096 624 101,852 -3,830 8,230 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 4, 1978 New Phila- Cleve- Rich- St. Minne- Kansas * San Total Boston York delphia land 1 mond Atlanta Chicago LOUJ s apolis City Dallas Francisco (In millions of dollars) A S S E TS Gold certificate account 11,719 541 3,492 632 934 982 560 1,736 469 225 393 456 1,299 Special Drawing Rights certif. acct. 1,250 62 313 74 107 113 64 198 53 25 44 48 149 Coin 276 17 17 13 40 27 26 23 20 9 43 12 29 Loans 1,096 224 568 81 23 86 14 18 35 16 15 8 8 Acceptances: Bought outright -- -- -- -- -- — -- -- -- -- -- — -- Held under repurchase agreements 624 -- 624 -- — -- -- -- -- -- -- -- -- Federal Agency obligations-- Bought outright 8,004 374 1,889 427 670 655 395 1,282 340 196 321 400 1,055 Held under repurchase agreements 226 -- 226 -- -- -- -- — — -- -- -- -- U.S. Government securities: Bought outright— Bills 41,485 1,939 9,792 2,213 3,472 3,392 2,048 6,646 1,760 1,015 1,665 2,074 5,469 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 2,088 472 741 723 437 1,417 376 217 355 442 1,167 Total bought outright 1/2/ 100,842 4,712 23,801 5,380 8,441 8,244 4,979 16,154 4,279 2,469 4,046 5,042 13,295 Held under repurchase agreements 1,010 -- 1,010 -- __ -- -- -- -- -- -- -- -- Total U.S. Government securities 101,852 4,712 24,811 5,380 8,441 8,244 4,979 16,154 4,279 2,469 4,046 5,042 13,295 Total loans and securities 111,802 5,310 28,118 5,888 9,134 8,985 5,388 17,454 4,654 2,681 4,382 5,450 14,358 Cash items in process of collection 14,385 389 2,440 285 667 2,114 1,627 1,571 681 867 1,316 905 1,523 Bank premises 377 106 9 56 23 72 14 16 13 29 18 12 9 Other assets l.f 2,011 90 421 106 149 154 130 279 75 55 72 97 383 Interdistrict settlement account -0- + 29 -1,346 - 364 - 4 - 43 - 600 - 129 + 24 - 228 + 434 + 542 +1,685 TOTAL 141,820 6,544 33,464 6,690 11,050 12,404 7,209 21,148 5,989 3,663 6,702 7,522 19,435 1/ Excludes $1,448 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 27 Includes $104 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3_/ Includes assets denominated in foreign currencies. * Estimated (Dallas 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 JANUARY 4, 1978 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 93,233 4,756 23,844 4,931 7,994 8,345 3,665 15,406 3,914 1,996 3,455 4,053 10,874 Deposits: Member bank reserves 27,227 758 5,639 996 1,690 1,391 1,604 3,755 962 705 1,539 2,143 6,045 U.S. Treasury—generlal account 6,790 553 1,157 365 610 440 468 515 494 267 451 522 948 Foreign 376 10 1/ 171 12 24 15 21 41 9 8 12 15 38 Other 2/ 737 1 623 18 11 47 4 1 1 2 13 16 Total deposits 35,130 1,322 7,590 1,391 2,324 1,857 2,140 4,315 1,466 981 2,004 2,693 7,047 Deferred availability cash items 10,152 i 345 1,189 217 461 1,972 1,183 925 496 592 1,108 602 1,062 Other liabilities and accured dividends 1,168 53 287 59 91 113 62 176 46 30 45 54 152 TTOOTTAALL LLIIAABBIILLIITTIIEESS 139,683 6,476 32,910 6,598 10,870 12,287 7,050 20,822 5,922 3,599 6,612 7,402 19,135 CCAAPPIITTAALL AACCCCOOUUNNTTSS CCaappiittaall ppaaiidd iinn 1,030 32 267 44 87 55 78 157 32 31 44 58 145 SSuurrpplluuss 1,029 32 267 44 87 55 78 157 32 31 43 58 145 OOtthheerr ccaappiittaall aaccccoouunnttss 78 4 20 4 6 7 3 12 3 2 3 4 10 TTOOTTAALL LLIIAABBIILLIITTIIEESS AANNDD CCAAPPIITTAALL AACCCCOOUUNNTTSS 141,820 6,544 33,464 6,690 11,050 12,404 7,209 21,148 5,989 3,663 6,702 7,522 19,435 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 101,006 5,305 25,060 5,383 8,353 8,975 4,535 16,118 4,325 2,161 4,026 4,877 11,888 Collateral for F.R. notes: Gold certificate account 11,719 541 3,492 632 934 982 560 1,736 469 225 393 456 1,299 Special Drawing Rights certif. aacccctt.. 1,250 62 313 74 107 113 64 198 53 25 44 48 149 Eligible paper 995 206 493 82 23 85 14 18 35 10 14 7 8 U.S. Government securities 87,042 4,496 20,762 4,595 7,289 7,795 3,897 14,166 3,768 1,901 3,575 4,366 10,432 Total collateral 101,006 5,305 25,060 5,383 8,353 8,975 4,535 16,118 4,325 2,161 4,026 4,877 11,888 Estimated (Dallas District). 1/ After 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis