H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and -rf^r^: Condition Statement of F.R. Banks H.4.1 For immediate release January 12, 1978 Averages of daily figur es Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Jan. 11, Jan. 4, I Jan. 12, i Jan. 11, and related items 1978* 1978 1 1977 1978* Reserve Bank credit: 1/ (In millions of dollars) 2/3/ U.S. Government securities-- Bought outright—System account 99,313 -1,591 + 6,990 94,462 Held under repurchase agreements 322 -2,318 392 -- Federal Agency obligations-- Bought outright 8,004 _- + 1,210 8,004 Held under repurchase agreements 86 - 415 + 63 — Acceptances— Bought outright -- .. - 197 ... Held under repurchase agreements 124 - 777 + 51 — Loans-- Total member bank borrowing 440 - 67 + 420 790 Includes seasonal borrowing of: 26 4 + 18 22 Other borrowing Float 7,149 +2,822 + 3,084 5,389 Other F.R. assets 2,396 - 45 682 2,397 Total Reserve Bank credit 117,835 -2,392 +10,547 111,042 Gold Stock 11,719 + I + 104 11,719 Special Drawing Rights certif. acct. 1,250 -- + 50 1,250 Treasury currency outstanding 11,385 + 5 + 492 11,386 142,188 -2,386 +11,193 135,397 Currency in circulation 103,150 - 755 + 9,785 102,913 Treasury cash holdings 400 + 8 57 400 Treasury deposits with F.R. Banks 6,422 - 465 63 5,360 Foreign deposits with F.R. Banks 436 + 70 + 118 289 Other deposits with F.R. Banks 4/ 647 - 505 43 660 Other F.R. liabilities and capital 3,419 + 13 + 362 3,466 114,473 -1,635 +10,100 , 113,088 Member bank reserves: With Federal Reserve Banks 27,714 - 751 + 1,091 22,308 Currency and coin 9,542 + 121 + 558 9,542 Total reserves held 5/ 37,320 - 619 + 1,567 31,914 Required reserves 36,961 - 656 + 1,578 36,961 Excess reserves 5/ 359 + 37 11 - 5,047 NOTE: A net of $72 million of surplus reserves were eligible to be carried forward from the week ended January 4, into the week ending January 11. On January 11, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $77,910 million, an increase of $820 million for the week. 1/ Net of $7,481 million, daily average, matched sale-purchase transactions outstanding during the statement week. 2/ Excludes $2,905 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 3/ Includes $190 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 $64 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 01 CONDITION Of ALL FEDERAL RESERVE EME; (In millions of dollars) Wednesday Change since J an. 11, Jan. 4, Jan. 12, A S | E TS 1978** 1978 1 1977 Gold certificate account 11,719 + 61 Special Drawing Rights certif. acct. 1,250 -- + 50 Coin 282 + 6 79 Loans 790 - 306 + 758 Acceptances—Bought outright — -- - 196 Held under repurchase agreements — - 624 - 347 Federal Agency%ob11gations--Bought outright 8,004 -- +1,210 Held under repurchase agreements — - 226 - 87 U.S. Government securities: Bought outright—Bills 35,105 -6,380 -1,851 Certificates Notes 50,509 ~- +2,537 Bonds 88,,884488 -- +2,123 Total bought outright 1/2/ 9944,,446622 -6,380 +2,809 Held under repurchase agreements — --11,,001100 -2,944 Total U.S. Government securities 94,462 --77,,339900 - 135 Total loans and securities 103,256 -8,546 +1,203 Cash items in process of collection (1,999) 11,711 - 715 +3,129 Bank premises 377 — + 12 Other assets 3__/ 2,020 + 9 - 764 TOTAL ASSETS (1,999) 130,615 -9,246 +3,612 LIABILITIES Federal Reserve notes 92,210 -1,023 +9,015 Deposits: Member bank-reserves account 22,308 -4,896 -5,539 U.S. Treasury—general account 5,360 -1,430 - 943 Foreign 289 87 + 46 Other 4/ 660 77 - 109 Total deposits 28,617 -6,490 -6,545 Deferred availability cash items (1,999) 6,322 -1,893 + 835 Other liabilities and accrued dividends 1,200 + 32 + 202 TOTAL LIABILITIES (1,999) 128,349 -9,374 +3,507 C A P I T AL A C C O U N TS Capital paid in 1,032 + 2 + 48 Surplus 1,029 -_ + 46 Other capital accounts 205 + 126 + 11 * Figures in parentheses are the eliminations made in the consolidating process. ** Estimated (Dallas District). 1/ Excludes $7,481 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $190 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3^/ Includes assets denominated in foreign currencies. k/ 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 11, 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 775 2,628 -2,489 52 -175 16 days to 90 days 15 14,456 -5,687 413 - 52 91 days to 1 year 32,702 + 786 827 -- Over 1 year to 5 years 27,221 — 4,110 + 1 Over 5 years to 10 years 10,388 -- 1,648 -- Over 10 years 7,067 — 954 -- Total 790 94,462 -7,390 8,004 -226 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 11, 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) 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 282 17 18 13 40 28 28 24 20 9 44 12 29 Loans 790 7 229 24 22 181 23 115 5 37 10 35 102 Acceptances: Bought outright -- -- "~ __ ~~ "~ ~" ~~ ~~ -- -- -- -•" Held under repurchase agreements -- -- -- -- -- — -- ._ -- -- -- -- — 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 -- -- *~ "~ "" ~~ "" •"* ~~ ~- "- -- -- U.S. Government securities: Bought outright— Bills 35,105 1,641 8,286 1,873 2,938 2,870 1,733 5,624 1,490 859 1,408 1,755 4,628 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 4/ Total bought outri^it JL/2/ 94,462 4,414 22,295 5,040 7,907 7,722 4,664 15,132 4,009 2 ,313 3,789 4,723 12,454 Held under repurchase agreements -- — -- -- -- -- -- -- -- -- -- -- — Total U.S. Government securities 94,462 4,414 22,295 5,040 7,907 7,722 4,664 15,132 4,009 T ,313 3,789 4,723 12,454 Total loans and securities 103,256 4,795 24,413 5,491 8,599 8,558 5,082 16,529 4,354 2 ,546 4,120 5,158 13,611 Cash items in process of collection 13,710 402 1,736 412 756 1,845 1,776 1,794 622 586 1,032 838 1,911 Bank premises 377 106 9 56 23 72 14 16 13 29 18 12 9 Other assets 3/ 2,020 98 432 104 168 163 147 288 79 54 79 106 302 Interdistrict settlement account -0- - 55 +1,556 - 434 - 555 - 55 - 760 - 361 - 272 +_1 09 + 313 + 8 + 506 TOTAL 132,614 5,966 31,969 6,348 10,072 11,706 6,911 20,224 5,338 3 ,583 6,043 6,638 17,816 1/ Excludes $7,481 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $190 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. J3/ Includes assets denominated in foreign currencies. 4/ Includes securities loaned to other reserve banks. * 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 11, 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 92,210 4 ,726 23,685 4,864 7,955 8,271 3,475 15,304 3,886 1,982 3,423 3,992 10,647 Deposits: Member bank reserves 22,308 522 4,593 769 1,213 1,196 1,741 2,868 700 764 1,166 1,659 5,117 U.S. Treasury-general account 5,360 277 1,282 327 288 347 306 743 254 225 451 291 569 Foreign 289 10 1/ 84 12 24 15 21 41 9 8 12 15 38 Other 2/ 660 1 564 1 9 49 9 2 1 2 13 9 Total deposits 28,617 810 6,523 1,109 1,525 1,567 2,117 3,661 965 998 1,631 1,978 5,733 Deferred availability cash items 8,321 293 916 212 294 1,631 1,075 734 367 510 849 488 952 Other liabilities and accured dividends 1,200 65 260 63 107 111 79 177 47 27 44 54 166 TOTAL LIABILITIES 130,348 5 ,894 31,384 6,248 9,881 11,580 6,746 19,876 5,265 3,517 5,947 6,512 17,498 CAPITAL ACCOUNTS : Capital paid in 1,032 32 267 44 87 55 78 158 32 31 45 58 145 Surplus 1,029 32 267 44 87 55 78 157 32 31 43 58 145 Other capital accounts 205 8 51 12 17 16 9 33 9 4 8 10 28 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 132,614 5 ,966 31,969 6,348 10,072 11,706 6,911 20,224 5,338 3,583 6,043 6,638 17,816 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 101,621 5,315 25,093 5,372 8,410 9,109 4,501 16,210 4,327 2,20T" 4,604 4,872 177207 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. acct. 1,250 62 313 74 107 113 64 198 53 25 44 48 149 Acceptances 763 7 229 25 22 181 23 113 5 12 10 35 101 U S Government securities 87,889 3/ 4.705 21,059 4,641 7,347 3/7,833 3,854 14,163 3,800 1,939 3,557 4,333 10,658 Total collateral 101,621 5,315 25,093 5,372 8,410 9,109 4,501 16,210 4,327 2,201 4,004 4,872 12,207 1/ After deducting $205 million pai• •ticipatiori s 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. 3/ Includes securities borrowed from other reserve banks. *" Estimated (Dallas District). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis