H.4.1 Factors Affecting Reserve Balances of Depository Institutions

• v^--^ FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release February 23. 1978 Averages of daily f igures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, Feb. 22, Feb . 15, 1 Feb. 23, Feb. 22, and related items 1978 1978 1 1977 1978 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- 2/ Bought outright--System account - 98,517 +2 ,066 +3,464 £/ 98,044 Held under repurchase agreements 1,028 + 633 -1,364 3,238 Special Certificates Federal Agency oblications-- Bought outright 7,982 —— +1,192 7,982 Held under repurchase agreements 137 + 117 + 37 464 Acceptances-- Bought outright -_ .. - 186 __ Held under repurchase agreements 135 + 72 - 56 453 Loans- Total member bank borrowing 442 160 406 318 Includes seasonal borrowing of: 53 5 42 53 Other borrowing Float 4,933 -1, 827 +2 ,279 5,100 Other F.R. assets 2,123 - 851 - 479 1,973 Total Reserve Bank credit 115,298 + 371 +5 ,294 117,572 Gold Stock ' 11,718 + 60 11,718 Special Drawing Rights certif. acct. 1,250 + 50 1,250 Treasury currency outstanding 11,429 + 8 + 495 11,432 139,696 380 +5,900 141,972 Currency in circulation * 101,392 18 +9,583 101,585 Treasury cash holdings * 400 7 - 101 400 Treasury deposits with F.R. Banks 4,670 348 -6,291 3,831 Foreign deposits with F.R. Banks 266 29 3 311 Other deposits with F.R. Banks 3/ 668 86 + 130 667 Other F.R. liabilities an4 capital 4,213 260 + 910 3,907 111,609 - 214 +4,228 110,701 Member bank reserves: With Federal Reserve Banks 28,086 + 593 +1,670 31,272 Currency and coin 8,566 •1,162 + 972 8,566 Total reserves held 4/ 36,727 - 563 +2,570 39,913 Required reserves 36,311 - 609 +2,383 36,311 Excess reserves 4/ 416 + 46 + 187 3,602 NOTE: A net of $86 million of surplus reserves were eligible to be carried forward from the week ended February 15, into the week ending February 22. On February 22, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign official and international accounts were $81,340 million, an increase of $1,065 million for the week. 1/ Net of $1,870 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which $1,870 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. Government securities. 2/ Net of $2,342 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which $2,342 million was with foreign official and international accounts. Includes $161 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. 4/ Adjusted to include $75 Trillion waivers of penalties for reserve deficiencies in accordance with Board policy effective November 19, 1975. 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. 22, Feb. 15, Feb. 23, A S SE, T S 1978 1978 1977 Gold certificate account 11,718 -- 4- 67 Special Drawing Rights certif. acct. 1,250 -- 4- 50 Coin 339 - 4 - 43 Loans 318 - 282 4- 239 Acceptances--Bought outright — -- - 179 Held under repurchase agreements 453 + 104 4- 130 Federal Agency obligations—Bought outright 7,982 -- +1,192 Held under repurchase agreements 1/ 464 + 330 4- 221 U.S. Government securities: Bought outright—Bills 38,130 + 937 - 838 Certificates Notes 50,516 4-1,596 Bonds 9,398 +2,239 Total bought: outright 2/ 98,044 + 937 +2,997 Held under repurchase agreements 1/ 3,238 + 837 -1,086 Total U.S. Government securities 101,282 +1 ,774 +1,911 Total loans and securities 110,499 4-1, 926 +3,514 Cash items in process of collection (1,294) 14,068 + 170 +2,972 Bank premises 381 + 1 + 12 Other assets \j 1,592 - 329 •- 753 TOTAL ASSETS (1,294) 139,847 + 1 ,764 +5,819 L I A B I L I T I ES Federal Reserve notes 90,891 - 119 +8,830 Deposits: Member bank-reserves account 31,272 + 787 +2,239 U.S. Treasury--general account 3,831 + 121 -7,947 Foreign 311 - 116 + 89 Other _4/ 667 - 164 + 116 Total deposits 36,081 + 628 -5,503 Deferred availability cash items (1,294) 8,968 +1,441 +2,023 Other liabilities and accrued dividends 1,417 - 315 + 329 TOTAL LIABILITIES (1,294) 137,357 +1,635 +5,679 C A P I T AL A C C O U N TS .. Capital paid in 1,041 + 52 Surplus 1,029 .- + 46 Other capital accounts 420 + 129 + 42 * Figures in parentheses are the eliminations made in the consolidating process, V Does not include U.S. Government and Federal Agency securities resold under matched sale-purchase transactions to foreign official and international accounts, of which $2,342 million was outstanding at the end of the latest statement week. 2/ Net of $2,342 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $161 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 22, 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 obligatiIons ances Holdings Weekly Holdings Weekly changes changes Within 15 days 308 453 6,007 +1 ,208 594 + 330 16 days to 90 days 10 18,217 + 622 279 91 days to 1 year 30,773 - 56 874 Over 1 year to 5 years 29,097 -- 4,175 Over 5 years to 10 years 9,571 -- 1,644 Over 10 years 7,617 — 880 Total 318 453 101,282 +1,774 8,446 + 330 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 22, 1978 New Fhila- Cleve Rich- s.t. Minne- Kansas San Total 1 Boston York delphia land 1 mond _ Atlanta Chicago Louis apolia Citv 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 339 21 21 19 46 31 34 28 19 10 47 17 46 318 56 12 26 18 45 34 52 11 10 28 5 21 lOttXkB Acceptances: F^ugjit outright — — — — — — -- — — -- — -- -- Held under repurchase agreements 453 — 453 -- — -- — -- — — — — — 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/ 464 -- 464 -- -- -- -- -- -- — — -- — U.S. Government securities: Bought outright— Bills 38,130 1,782 9„000 2,034 3,192 3,117 1,882 6,108 1,618 933 1,530 1,907 5,027 Certificates -- — — -' — — — -- — — — — — Notes 50,516 2,360 11,923 2,695 4,228 4,130 2,494 8,092 2,144 1,237 2,027 2,526 6,660 Bonds 9,398 439 2,218 501 787 768 464 1,506 399 230 377 470 1,239 4/ Total bought outright J?/ 98,044 4,581 23,141 5,230 8,207 8,015 4,840 15,706 4,161 2,400 3,934 4,903 12,926 Held under repurchase agreements 2/ 3,238 — 3,238 -- -- -- -- — -- -- -- -- -- Total U.S. Government securities 101,282 4,581 26,379 5,230 8,207 8,015 4,840 15,706 4,161 2,400 3,934 4,903 12,926 Total loans and securities 110,499 5,010 29,192 5,682 8,893 8,713 5,268 17,037 4,511 2,605 4,282 5,307 13,999 Cash items in process of collection 15,362 449 2,266 412 965 2,389 1,788 1,860 615 691 1,313 923 1,691 Bank premises 381 107 9 56 23 75 14 16 13 29 18 12 9 Other assets 1/ 1,592 68 330 73 134 149 131 180 54 38 55 73 307 Interdistrict settlement account -0- j - 124 -1,029 - 422 - 188 •f 125 -1,037 + 425 - 317 - Ill + 354 + 233 +2,091 TOTAL 141,141 6,134 34,594 6,525 10,914 12,577 6,822 21,480 5,417 3,512 6,506 7,069 19,591 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 $2,342 million was outstanding at the end of the latei t statement week. 1/ Net of $2,342 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $161 million securities loaned-fully secured by U.S. Government securities. 3/ Includes assets denominated in foreign currencies. 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 22, 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 90,891 4,685 23,552 4,808 7,857 8,185 3,266 15,133 3,858 1,923 3,397 3,890 10,337 Deposits: Member bank reserves 31,272 777 7,856 1,068 1,944 1,387 1,885 4,516 811 806 1,542 2,044 6,636 U.S. Treasury—general account 3,831 173 191 198 746 240 298 135 151 350 273 814 Foreign 311 ! 8 12 23 15 21 42 8 8 12 16 39 Other 2/ 667 i i 552 3 16 53 9 * 2 2 11 18 Total deposits 36,081 | 959 8,777 1,274 2,165 2,164 2,199 4,865 954 967 1,906 2,344 7,507 Deferred availability cash items ! 10,262 ; 354 1,263 275 590 1,987 1,112 921 477 519 1,057 639 1,068 Other liabilities and accured dividends 1,417 56 354 58 92 97 70 178 47 31 43 59 332 TOTAL LIABILITIES 138,651 6,054 33,946 6,415 10,704 12,433 6,647 21,097 5,336 3,440 6,403 6,932 19,244 CAPITAL ACCOUNTS j Capital paid in 1,041 32 274 44 88 55 78 158 32 31 44 59 146 Surplus 1,029 32 267 44 87 55 78 157 32 31 43 58 145 Other capital accounts 420 16 107 22 35 34 19 68 17 10 16 20 56 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 141,141 6,134 34,594 6,525 10,914 12,577 6,822 21,480 5,417 3,512 6,506 7,069 19,591 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 5,375 25,356 5,421 8,446 5T022 47435 167741 4,426 2,180 4,120 Z?5W Ii,i24 Collateral for F.R. notes: Gold certificate account 3,492 631 934 982 560 1,736 469 225 393 456 1,299 Special Drawing Rights certif. acct. 313 74 107 113 64 198 53 44 48 149 Eligible Paper 10 26 19 39 34 48 11 8 28 5 19 U.S. Government securities 21.541 4i°90 7.386 7^88 3.777 14.759 JM 3.655 4.409 10.757 25,356 5,421 8,446 9,022 4,435 16,741 4 , 42T 2,180 4,120 4,918 12,224 Total collateral 1/ After deducting $204 million participations of other Federal Reserve Banks. 1/ After deducting $zu** minion participations oi otuw rewni »«»»J.VO ow**.». 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. - * Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis