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 February 2, 1978 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Feb. 1, Jan. 25, Feb. 2, |F eb. 1, and related items 1978* 1978 1977 1 1978* Reserve Bank credit: (In millions of dollars) U.S. Government securities— Bought outright—System account 1/ 97,867 -1,779 + 3,884 . 2/3/96,196 Held under repurchase agreements 861 + 797 - 478 5,448 Federal Agency obligations-- Bought outright 8,001 3 + 1,211 7,982 Held under repurchase agreements 137 + 13.1 + 75 682 Acceptances- Bought outright _- -- - 192 ... Held under repurchase agreements 91 + 60 - 27 414 Loans- Total member bank borrowing 469 - 122 + 383 890 Includes seasonal borrowing of: 44 + 10 + 33 49 Other borrowing Float 10,313 +3,065 + 6,719 5,388 Other F.R. assets 2,782 - 45 - 652 2,944 Total Reserve Bank credit 120,520 +2,105 +10,923 119,944 Gold Stock 11,719 — + 61 11,718 Special Drawing Rights certif. acct. 1,250 — + 50 1,250 Treasury currency outstanding 11,410 + 14 + 494 11,412 144,899 +2,119 +11,528 144,324 Currency in circulation ** 100,696 - 477 + 9,393 100,897 Treasury cash holdings ** 399 + 2 - 82 400 Treasury deposits with F.R. Banks 10,866 +2,656 - 32 9,643 Foreign deposits with F.R. Banks 288 + 5 - 14 282 Other deposits with F.R. Banks 4/ 740 - 226 + 99 792 Other F.R. liabilities and capital' 4,090 + 337 + 671 4,221 117,078 +2,295 +10,033 | 116,235 Member bank reserves: With Federal Reserve Banks 27,821 - 176 + 1,493 28,090 Currency and coin 9,899 - 232 + 1,102 I 9,899 Total reserves held 5/ 37,789 - 409 + 2,514 1 38,058 Required reserves 37,311 - 476 + 2,166 37,311 Excess reserves 5/ 478 + 67 + 348 747 NOTE: A net of $94 million of surplus reserves were eligible to be carried forward from the week ended January 25, into the week ending February 1. On February 1, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign official and international accounts were $80,147 million, an increase of $422 million for the week. 1/ Net of $4,829 million, daily average, matched sale-purchase transactions outstanding during the statement week, of which $1,665 million was held with foreign official and international accounts. 2/ Excludes $6,023 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 3/ Includes $93 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 4/ Includes $13 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 $69 million waivers of penalties for reserve deficiencies in accordance with Board policy effective November 19, 1975. * Estimated (Philadelphia 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 Feb. 1, Jan. 25, Feb. 2, & %• A S S E TS 1978** 1978 1977 Golc|jgcertiricate account 718 1 + 60 Special Drawing Rights certif. acct. 250 — + 50 Coin 335 + 13 - 56 Loans 890 -1,442 + 543 Acceptances--Bought outright — — - 191 Held under repurchase agreements 414 + 200 + 414 Federal Agency obligations—Bought outright 982 22 + 1,192 Held un^er repurchase agreements 682 + 642 + 682 U.S. Government securities: Bought outright—Bills 36,282 -1,692 + 273 Certificates Notes 50,965 + 2,346 Bonds 8,949 + 2,176 Total bought outright 1/2/ 96,196 -1,692 + 4,795 Held under repurchase agreements 5,448 +4,999 + 5,448 Total U.S. Government securities 101,644 4-3,307 +10,243 Total loans and securities 111,612 +2,685 +12,883 Cash items in process of collection (2,112) 11,870 - 947 + 2,503 Bank premises^ 380 + 1 + 13 Other assets jfy 2,564 + 247 - 373 TOTAL ASSETS (2,112) 139,729 +1,998 +15,080 L I A B I L I T I ES Federal Reserve notes 90,219 - 177 + 8,745 Deposits: Member bank-reserves account 28,090 +1,533 + 5,376 U.S. Treasury-general account 9,643 - 198 - 1,337 Foreign 282 + 20 + 26 Other 4/ 792 + 152 + 178 Total deposits 38,807 +1,507 + 4,243 Deferred availability cash items (2,112) 6,482 + 321 + 820 Other liabilities and accrued dividends 1,570 + 222 + 625 TOTAL LIABILITIES (2,112) 137,078 +1,873 +14,433 C A P I T AL A C C O U N TS Capital paid in 1,039 + 4 + 53 Surplus 1,029 — + 46 Other capital accounts 583 + 121 + 548 * Figures in parentheses are the eliminations made in the consolidating process. ** Estimated (Philadelphia District). 1/ Excludes $6,023 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $93 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 31/ Includes assets denominated in foreign currencies. 4/ Includes $13 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. February 1, 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 876 414 10,978 +6,905 682 +577 16 days to 90 days 14 13,558 -2,194 375 + 21 91 days to 1 year 31,749 -1,587 908 + 22 Over 1 year to 5 years 27,715 + 183 4,175 -- Over 5 years to 10 years 10,477 — 1,644 + 21 Over 10 years 7,167 — 880 - 21 Total 890 414 101,644 +3,307 8,664 +620 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 February 1, 1978 New * Phila- Cleve- Rich- St. Minne- Kansas San Total Boston York delphia land 1 mond Atlanta Chicago Louis apolis City 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. ! 1,250 62 313 74 107 113 64 198 53 25 44 48 149 Coin 1 335 21 24 20 43 31 32 28 21 11 47 16 41 Loans 890 62 55 237 23 96 22 121 81 26 55 53 59 Acceptances: Bought outright -- -- — -- -- -- — -- — -- -- -- -_ Held under repurchase agreements 414 — 414 _- -- -- — -- -- -- -- -. _- Federal Agency obligations-- Bought outright 7,982 373 1,884 426 668 653 394 1,279 339 195 320 399 1,052 Held under repurchase agreements 682 -- 682 '-- -- -- -- -- — -- -- -- -- U.S. Government securities: Bought outright— Bills 36,282 1,696 8,564 1,936 3,037 2,966 1,791 5,812 1,539 888 1,455 1,815 4,783 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 U434 380 219 359 447 1,180 4/ Total bought outright l/V 96,196 4,495 '22,705 5,132 8,052 7,865 4,749 15,410 4,082 2,355 3,859 4,810 12,682 Held under repurchase agreements 5,448 -- 5,448 -- -- -- _- fi- -- -- -- — -- Total U.S. Government securities 101,644 4,495 28,153 5,132 8,052 7,865 4,749 15,410 4,082 2,355 3,859 4,810 12,682 Total loans and securities 111,612 4,930 31,188 5,795 8,743 8,614 5,165 16,810 4,502 2,576 4,234 5,262 13,793 Cash items in process of collection 13,982 480 2,166 342 739 1,939 1,650 1,782 640 572 1,034 844 1,794 Bank premises 380 107 9 56 23 74 14 16 13 29 18 12 9 Other assets 3/ 2,564 104 672 107 178 172 138 317 92 59 233 133 359 Interdistrict settlement account -0- | - 79 -1,929 + 71 - 236 + 668 - 530 + 32 + 364 + 105 + 204 + 341 + 989 TOTAL 1 141,841 6,166 35,935 7,096 10,531 12,593 7,093 20,919 6,154 3,602 6,207 7,112 18,433 * Estimated (Philadelphia District). _1/ Excludes $6,023 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $93 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3_l Includes assets denominated in foreign currencies. 4/ Includes securities loaned to other reserve banks. 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 FEBRUARY 1, 1978 New Phila Cleve Rich St. Minne- Kansas San Total Boston York delphia* land mond Atlanta Chicago Louis apo lis City Dallas Francisco (In millions o f dollars) L I A B I L I T IE S Federal Reserve notes 9900 ,,221199 44 ,,559955 2233 ,,226644 44,,776622 77,,880011 88,,114444 33,,334433 1144 ,,998844 33,,884422 11 ,,995577 33,,337722 33 990088 1100 247 Deposits: Member bank reserves 28 ,090 496 6 ,893 1,135 1,317 1,609 1,854 4 ,015 853 773 1,343 1 955 5 ,847 U.S. Treasury—general account 9 ,643 566 2 ,897 801 637 552 638 449 923 276 484 518 902 Foreign 282 8 1/ 77 12 23 15 21 42 9 8 12 16 39 Other 2/ 792 2 683 2 1 21 52 •_ ** 1 2 12 16 Total deposits 38 ,807 1 ,072 10 ,550 1,950 1,978 2,197 2,565 4 ,506 1,785 1 ,058 1,841 2 ,501 6 ,804 Deferred availability cash items 8 ,594 355 1 ,072 206 438 1,683 937 841 393 483 841 505 840 Other liabilities and accured dividends 1 ,570 54 365 59 90 412 66 179 46 29 44 53 173 TOTAL LIABILITIES 139 ,190 6 ,076 35 ,251 6,977 10,307 12,436 6,911 20 ,510 6,066 3 ,527 6,098 6 ,967 18, 064 CAPITAL ACCOUNTS Capital paid in 1 ,039 32 274 44 87 55 78 158 32 31 44 58 146 Surplus 1 ,029 32 267 44 87 55 78 157 32 31 43 58 145 Other capital accounts 583 26 143 31 50 47 26 94 24 13 22 29 78 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 141 ,841 6 ,166 35 ,935 7,096 10,531 12,593 7,093 20 ,919 6,154 3 ,602 6,207 7 ,112 18, 433 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 102,496 5,385 25,246 5,393 8,394 9,081 4,625 16,511 4,415 2 ,203 4,029 4,903 12,311 Collateral for F.R. notes: 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. 1,250 62 313 74 107 113 64 198 53 25 44 48 149 Eligible Paper 854 33// 5599 55 236 22 3/ 96 22 118 78 25 53 53 37 U.S. Government securities 88,674 --44,,772233 21,386 4,452 7,331 ~7,890 3,979 14,459 3,815 1 ,928 3,539 4,346 10,826 Total collateral j 102,496 5,385 25,246 5,393 8,394 9,081 4,625 16,511 4,415 2 ,203 4,029 4,903 12,311 1/ After deducting $205 million participations of other Federal Reserve Banks. 2/ Includes $13 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 (Philadelphia District). ** Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis