H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and •f*4LRES*V Condition Statement of F.R. Banks H.4.1 For immediate release January 26, 1978 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Jan. 25, Jan. 18, Jan. 26, Jan. 25, and related items 1978* 1978 1977 1978* Reserve Bank credit: (In millions of dollars) U.S. Government securities— Bought outright—System account 1/ 99,646 459 + 5,618 g/3/97,888 Held under repurchase agreements 64 313 - 808 449 Federal Agency obligations-- Bought outright 8,004 + 1,214 8,004 Held under repurchase agreements 6 - 109 58 40 Acceptances— Bought outright 194 Held under repurchase agreements 31 81 99 214 Loans— Total member bank borrowing 591 + 173 + 502 2,332 Includes seasonal borrowing of: 34 + 9 + 25 36 Other borrowing Float 7,238 +1,587 + t + ,253 6,646 Other F.R. assets 2,826 + 269 - 654 2,689 Total Reserve Bank credit 118,405 +1,066 + <) ,773 118,262 Gold Stock 11,719 + 61 11,719 Special Drawing Rights certif. acct. 1,250 + 50 1,250 Treasury currency outstanding 11,396 + 496 11,398 142,770 +1,070 +10,380 142,629 Currency in circulation ** 101,170 - 966 + 9,371 101,068 Treasury cash holdings ** 400 + 3 51 400 Treasury deposits with F.R. Banks 8,210 +2,953 - 420 9,841 Foreign deposits with F.R. Banks 283 22 + 55 262 Other deposits with F.R. Banks 4/ 966 + 207 + 216 640 Other F.R. liabilities and capital 3,752 + 142 + 451 3,861 114,780 +2 ,315 + 9,623 116,072 Member bank reserves: With Federal Reserve Banks 27,989 -1 ,245 '+ 756 26,557 Currency and coin 10,131 - 546 + 1,319 10,131 Total reserves held 5/ 38,190 -1,791 + 1,997 36,758 Required reserves 37,787 -1,769 + 2,018 37,787 Excess reserves 5/ 403 22 21 - 1,029 NOTE: A net of $87 million of surplus reserves were eligible to be carried forward from the week ended January 18, into the week ending January 25. On January 25, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $79,725 million, an increase of $20 million for the week. 1/ Net of $3,516 million, daily average, matched sale-purchase transactions outstanding during the statement week. 2/ Excludes $5,190 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 3_/ Includes $144 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 $70 million waivers of penalties for reserve deficiencies in accordance with Board policy effective November 19, 1975. * Estimated (Cleveland District). ** Estimated (Treasury1s 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 Jan. 25, Jan. 18, Jan. 26, A S S E TS 1978** 1978 1977 Gold certificate account 11,719 + 61 Special Drawing Rights certif. acct. 1,250 + 50 Coin 322 + 19 59 Loans - 2,332 +1,778 +1,849 v v Acceptances--Bought outright - 193 Held under repurchase agreements 214 - 54 Federal Agency obligations—Bought outright 8,004 +1,2.14 Held under repurchase agreements 40 - 178 - 159 U.S. Government securities: Bought outright--Bills 37,974 -2,284 -1,701 Certificates Notes 50,965 + 456 +2,364 Bonds 8,949 + 101 +2,176 Total bought outright 1/2/ 97,888 -1,727 +2,839 Held under repurchase agreements 449 + 106 -1,911 Total U.S. Government securities 98,337 -1,621 + 928 Total loans and securities 108,927 21 +3,585 Cash items in process of collection (1,656) 12,697 -1,421 +4,559 Bank premises 379 + 1 + 13 Other assets 3/ 2,310 + 210 -1,340 TOTAL ASSETS (1,656) 137,604 -1,212 +6,869 L I A B I L I T I ES Federal Reserve notes 90,392 - 820 +8,726 Deposits: Member bank-reserves account 26,557 -3,341 -2,440 9,841 +3,686 - 442 U.S. Treasury—general account 262 + 9 + 9 Foreign 640 1 82 Other */ 37,300 + 353 -2,955 Total deposits (1,656) 6,051 - 940 + 653 Deferred availability cash items 1,335 + 63 + 315 Other liabilities and accrued dividends (1,656) 135,078 -1,344 +6,739 TOTAL LIABILITIES C A P I T AL ACCOUNTS. Capital paid in 1,035 + 3 + 51 Surplus 1,029 -- + 46 Other capital accounts 462 + 129 + 33 * Figures in parentheses are the eliminations made in the consolidating process. Estimated (Cleveland District). 1/ Excludes $5,190 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $144 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 25, 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 2,324 214 4,073 +1,461 105 -230 16 days to 90 days 15,752 -3,491 354 + 6 91 days to 1 year 33,336 - 91 886 + 59 Over 1 year to 5 years 27,532 + 311 4,175 + 65 Over 5 years to 10 years 10,477 + 89 1,623 - 25 Over 10 years 7,167 + 100 901 - 53 Total 2,332 214 98,337 -1,621 8,044 -178 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 25, 1978 New Phila- CClleevvee-- Rich St. Minne- Kansas San Total Boston York delphia llaanndd 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 322 19 22 17 44 30 32 27 21 11 47 15 37 Loans 2,332 192 1,560 42 100 151 12 183 41 3 20 10 18 Acceptances: Bought outright -- -- -- -- -_ — -- -- -- -- -- -- -- Held under repurchase agreements 214 -- 214 -- -- -- — -- -- -- -- -- -- 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 40 -- 40 -- -- — -- — -- -- -- -- -- U.S. Government securities: Bought outright— Bills 37,974 1,775 8,963 2,026 3,179 3,104 1,875 6,083 1,611 930 1,523 1,899 5,006 Certificates -- -- -- -- -- -- .- -- -- -- -- _- _. Notes 50,965 2,381 12,029 2,719 4,266 4,167 2,516 8,164 2,163 1, 248 2,045 2,548 6,719 Bonds 8,949 418 2,112 477 749 732 442 1,434 380 219 359 447 1,180 4/ Total bought outright J./2/ 97,888 4,574 23,104 5,222 8,194 8,003 4,833 15,681 4,154 2 ,397 3,927 4,894 12,905 Held under repurchase agreements 449 -_ 449 -- -- _- -_ -» _- -- -- -_ -- Total U.S. Government securities 98,337 4,574 23,553 5,222 8,194 8,003 4,833 15,681 4,154 2 ,397 3,927 4,894 12,905 Total loans and securities 108,927 5,140 27,256 5,691 8,964 8,809 5,240 17,146 4,535 2 ,596 4,268 5,304 13,978 Cash items in process of collection 14,353 378 2,154 405 639 1,621 1,614 1,709 712 576 1,189 1,028 2,328 Bank premises 379 107 9 56 23 73 14 16 13 29 18 12 9 Other assets 3/ 2,310 104 486 167 169 182 242 304 86 55 107 109 299 Interdistrict settlement account -0- - 49 + 604 - 595 + 65 - 105 -1,087 + 208 + 20 ± 17 + 579 + 542 - 199 TOTAL 139,260 6,302 34,336 6,447 10,945 11,705 6,679 21,344 5,909 3 ,534 6,645 7,514 17,900 \j Excludes $5,190 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 27 Includes $144 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. _3/ Includes assets denominated in foreign currencies. 4/ Includes securities loaned to other reserve banks. *' Estimated (Cleveland 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 25, 1978 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 90,392 4,619 23,511 4,772 7,869 8,100 3,113 15,146 3,821 1,954 3,352 3,860 10,275 Deposits: Member bank reserves 26,557 722 6,311 654 1,595 1,311 1,747 4,068 848 761 1,404 1,947 5,189 U.S. Treasury--general account 9,841 542 1,998 644 858 585 644 797 732 258 844 944 995 Foreign 262 8 1/ 57 12 23 15 21 42 9 8 12 16 39 Other 2/ 640 3 531 1 1 19 52 4 ** 2 2 5 20 Total deposits 37,300 1,275 8,897 1,311 2,477 1,930 2,464 4,911 1,589 1,029 2,262 2,912 6,243 Deferred availability cash items 7,707 269 994 191 290 1,272 862 716 366 446 880 546 875 Other liabilities and accured dividends 1,335 55 283 59 94 256 64 181 49 33 47 57 157 TOTAL LIABILITIES 136,734 6,218 33,685 6,333 10,730 11,558 6,503 20,954 5,825 3,462 6,541 7,375 17,550 CAPITAL ACCOUNTS Capital paid in 1,035 32 272 44 87 55 77 158 32 31 44 58 145 Surplus 1,029 32 267 44 87 55 78 157 32 31 43 58 145 Other capital accounts 462 20 112 26 41 37 21 75 20 10 17 23 60 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 139,260 6,302 34,336 6,447 10,945 11,705 6,679 21,344 5,909 3,534 6,645 7,514 17,900 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 102,112 5,393 25,268 5,431 8,460 9,074 4,439 16,466 4,316 2,182 3,985 4,839 12,259 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 Eligible Paper 2,317 3/ 19° 1,560 42 99 149 12 181 41 3 14 10 16 86,826 -4,600 19,903 4,683 7,320 7,830 3,803 14,351 3,753 1,929 3,534 4,325 10,795 U.S. Government securities 102,112 5,393 25,268 5,431 8,460 9,074 4,439 16,466 4,316 2,182 3,985 4,839 12,259 Total collateral \J 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. 3/ Includes securities borrowed from other reserve banks. * Estimated (Cleveland District). ** Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis