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 9, 1978 Averages (3 f dail y figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Feb. 8, Feb . 1, Feb. 9, Feb. 8, and related items 1978* 1978 1977 1978* Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright--System account 1/ 99,620 +1 753 +4,832 2/ 96,720 Held under repurchase agreements 524 - 337 + 38 — Federal Agency obligations-- Bought outright 7,982 - 19 +1,192 7,982 Held under repurchase agreements 87 - 50 + 49 — Acceptances— Bought outright __ .. - 192 _«. Held under repurchase agreements 135 + 44 + 28 — Loans— Total member bank borrowing 495 + 26 + 420 329 Includes seasonal borrowing of: 48 + 4 + 36 ; 49 Other borrowing Float 5,553 -4,539 +2,268 8,269 Other F.R. assets 2,853 + 71 - 590 3,314 Total Reserve Bank credit 117,249 -3,050 +8,045 116,614 Gold Stock 11,718 1 + 60 11,718 Special Drawing Rights certif. acct. 1,250 — + 50 1,250 Treasury currency outstanding 11,413 + 3 + 488 11,416 141,630 -3,048 +8,644 140,998 Currency in circulation ** 100,826 + 124 +9,216 101,333 Treasury cash holdings ** 394 + 1 - 102 400 Treasury deposits with F.R. Banks 8,213 -2,653 -3,045 6,787 Foreign deposits with F.R. Banks 291 + 3 + 12 271 Other deposits with F.R. Banks 3/ 802 + 62 + 180 842 Other F.R. liabilities and capital 3,629 - 461 + 591 3,641 114,155 -2,923 +6,853 113,274 Member bank reserves: With Federal Reserve Banks 27,475 - 125 +1,791 27,724 Currency and coin 9,802 97 +1,039 9,802 Total reserves held 4/ 37,345 - 223 +2,750 37,594 Required reserves 36,941 - 370 +2,602 36,941 Excess reserves 4/ 404 + 147 + 148 653 NOTE: A net of $49 million of surplus reserves were eligible to be carried forward from the week ended February 1, into the week ending February 8. On February 8, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign official and international accounts were $79,459 million, a decrease of $688 million for the week. 1/ Net of $2,149 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which $1,683 million was with foreign official and international accounts. Includes securities loaned—fully secured by U.S. Government securities. 2/ Net of $5,224 million matched sale-purchase transactions, outstanding at the end of the latest statement week of which $1,960 million was with foreign official and international accounts. Includes $134 million securities loaned— fully secured by U.S. Government securities. 3/ Includes $13 million of certain deposits of foreign-owned banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. Adjusted to include $68 million waivers of penalties for reserve deficiencies in * accordance with Board policy effective November 19, 1975. Estimated (Boston and Cleveland Districts). Estimated Treasury^ 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) WWeeddnneessddaayy Change since FFeebb.. 88,, Feb. 1, Feb. 9, A £ S E T S 1978** 1978 1977 Gold certificate account 11,718 + 60 Special Drawing Rights certif. acct. * 1,250 -- + 50 Coin 340 + 5 - 55 Loans 329 - 561 + 248 Acceptances--Bought outright — -- - 191 Held under repurchase agreements -- - 414 - 240 Federal Agency obligations—Bought outrightt 7,982 — +1,192 Held under repurchase agreements 1/ — - 682 - 121 U.S. Government securities: Bought outright—Bills 36,806 + 524 -3,550 Certificates Notes 50,965 -- +2,346 Bonds 88,,994499 -- +2,176 Total bought outright 2/ 9966,,772200 + 524 + 972 Held under repurchase agreements JL/ — --55,,444488 -1,908 Total U.S. Government securities 96,720 --44,,992244 - 936 Total loans and securities 105,031 -6,581 - 48 Cash items in process of collection (2,206) 13,683 +1,803 +5,326 Bank premises 380 -„ + 12 Other assets 3_/ 2,934 + 366 - 121 TOTAL ASSETS (2,206) 135,336 -4,407 +5,224 LIABILITIES Federal Reserve notes 90,657 + 438 +8,595 Deposits: Member bank-reserves account 27,724 - 366 -1,598 U.S. Treasury—general account 6,787 -2,856 -2,840 Foreign 271 11 1 Other V (294) 842 + 50 + 83 Total deposits (294) 35,624 -3,183 -4,356 Deferred availability cash items (1,912) 5,414 -1,082 + 453 Other liabilities and accrued dividends 1,418 - 152 + 428 TOTAL LIABILITIES (2,206) 133,113 -3,979 +5,120 C A P I T AL A C C O U N TS Capital paid in 1,039 „ + 53 Surplus 1,029 -- + 46 Other capital accounts 155 - 428 + 5 * Figures in parentheses are the eliminations made in the consolidating process. ** Estimated (Boston and Cleveland Districts). 1/ Does not include U.S. Government and Federal Agency securities resold under matched sale-purchase transactions to foreign official and international accounts, of which $1,960 million was outstanding at the end of the latest statement week. 2/ Net of $5,224 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $134 million securities loaned--fully secured by U.S. Government securities. 3/ 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 ft, 197ft (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 306 5,127 -5,851 — -682 16 days to 90 days 23 13,980 + 422 375 91 days to 1 year 32,254 + 505 908 Over 1 year to 5 years 27,715 -- 4,175 Over 5 years to 10 years 10,477 -- 1,644 Over 10 years 7,167 — 880 Total 329 96,720 -4,924 7,982 -682 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 8, 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 340 23 22 21 44 31 32 28 21 11 47 17 43 Loans 329 24 117 25 10 32 25 38 18 16 14 2 8 Acceptances: Bought outright — — — -- — — — -- -- -- — -- -- Held under repurchase agreements -- — -- -- -- -- — — -- — — -- -- 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 1/ — — -- -- -- -- — -- -- — — -- — U.S. Government securities: Bought outright— Bills 36,806 1,720 8,687 1,964 3,081 3,009 1,817 5,896 1,562 901 1,476 1,841 4,852 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 27 96,720 4,519 22,828 5,160 8,096 7,908 4,775 15,494 4,105 2,368 3,880 4,836 12,751 Held under repurchase agreements 111/// — — — — — -- -- — -- -- — — -- Total U.S. Government securities 96,720 4,519 22,828 5,160 8,096 7,908 4,775 15,494 4,105 2,368 3,880 4,836 12,751 Total loans and securities 105,031 4,916 24,829 5,611 8,774 8,593 5,194 16,811 4,462 2,579 4,214 5,237 13,811 Cash items in process of collection 15,889 480 2,818 474 720 2,001 2,270 2,067 585 586 1,066 1,000 1,822 Bank premises 380 107 9 56 23 74 14 16 13 29 18 12 9 Other assets 3/ 2,934 107 567 165 174 244 243 324 94 65 120 315 516 Interdistrict settlement account -0- - 237 +1,867 - 268 - 92 4- 80 -1,783 - 56 - 182 - 65 1 - 134 + 871 TOTAL 137,542 5,999 33,917 6,764 10,684 12,118 6,594 21,124 5,515 3,455 5,901 6,951 18,520 * Estimated (Boston and Cleveland Districts). \J Does not include U.S. Government and Federal Agency securities resold under matched sale-purchase transactions to foreign official and international accounts, of which $1,960 million wa,s outstanding at the end of the latest statement week. 2:/ Net of $5,224 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $134 million securities loaned--fully secured by U.S. Government securities. 3/ 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 8, 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 90,657 4,580 23,412 4,784 7,835 8,191 3,349 15,084 3,865 1,936 3,395 3,914 10,312 Deposits: Member bank reserves 27,724 606 6,589 854 1,577 1,375 1,757 4,028 765 740 1,192 1,902 6,339 U.S. Treasury—general account 6,787 401 1,524 642 659 536 186 655 364 236 401 489 694 Foreign 271 9 1/ 66 12 23 15 21 42 8 8 12 16 39 Other 1,136 1 888 23 22 25 53 22 38 15 8 18 23 Total deposits 35,918 1,017 9,067 1,531 2,281 1,951 2,017 4,747 1,175 999 1,613 2,425 7,095 Deferred availability cash items 7,326 279 586 293 287 1,506 995 773 357 423 750 436 641 Other liabilities and accured dividends 1,418 56 267 60 95 347 70 180 47 31 50 52 163 TOTAL LIABILITIES 135,319 5,932 33,332 6,668 10,498 11,995 6,431 20,784 5,444 3,389 5,808 6,827 18,211 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 155 3 44 8 12 13 7 25 7 4 6 8 18 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 137,542 5,999 33,917 6,764 10,684 12,118 6,594 21,124 5,515 3,455 5,901 6,951 18,520 FEDERAL RESERVE AGENTS* ACCOUNTS F.R. notes outstanding 102,644 5,394 25,287 5,407 8,391 9,051 4,568 16,640 4,446 2,196 4,046 4,923 12,295 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 Acceptances 321 33// 0011 117 25 10 33// 3322 25 36 18 16 13 2 6 U.S. Government securities 89,355 --44,,777700 21,365 4,677 7,340 --XX77,,992244 3,919 14,670 3,906 1,930 3,596 4,417 10,841 Total collateral 102,644 5,394 25,287 5,407 8,391 9,051 4,568 16,640 4,446 2,196 4,046 4,923 12,295 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 (Boston and Cleveland Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis