H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and ftAucfrr-' Condition Statement of F.R, Banks H.4.1 For immediate release March 2, 1978 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, March 1, Feb. 22, (March 2, March 1, and related items 1978* 1978 1977 1978* Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright—System account -1 97,719 798 +2,595 P 97,461 Held under repurchase agreements 336 692 -1,470 1,630 Federal Agency obligations-- Bought outright 7,982 +1,212 7,982 Held under repurchase agreements 68 69 - 44 419 Acceptances— Bought outright - 177 Held under repurchase agreements 82 53 - 203 354 Loans-- Total member bank borrowing 390 52 360 825 Includes seasonal borrowing of: 59 6 47 60 Other borrowing Float 4,579 - 369 +1 ,248 4,277 Other F.R. assets 2,147 + 24 - 570 1,992 Total Reserve Bank credit 113,302 -2, 011 +2 ,949 114,940 Gold Stock 11,718 + 63 11,718 Special Drawing Rights certif. acct. 1,250 + 50 1,250 Treasury currency outstanding 11,433 + 4 + 502 11,435 TTTJOJ -2,008 +3,565 139,343 Currency in circulation ** 101,161 241 +9,347 101,420 Treasury cash holdings ** 400 10 - 105 400 Treasury deposits with F.R. Banks 4,068 602 -7,520 3,634 Foreign deposits with F.R. Banks 350 84 + 67 369 Other deposits with F.R. Banks 3/ 860 192 + 27 771 Other F.R. liabilities and capital 3,877 336 + 487 4,015 110,716 - 893 +2,303 110,609 Member bank reserves: With Federal Reserve Banks 26,988 -1,113 +1,263 28,735 Currency and coin 9,067 + 501 + 855 9,067 Total reserves held k] 36,134 - 608 +2,051 37,881 Required reserves 35,997 - 376 +2,064 35,997 Excess reserves 4/ 137 - 232 - 13 1,884 NOTE: A net of $153 million of surplus reserves were eligible to be carried forward from the week ended February 22, into the week ending March 1. On March 1, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign official and international accounts were $83,522 million, an increase of $2,182 million for the week. 1/ Net of $2,038 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which $2,038 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. Government securities. 2/ Net of $2,063 million matched sale-purchase transactions outstanding at the end of the latest statement week,of which $2,063 million was with foreign official and international accounts. Includes $212 million securities loanedfully 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 $79 million waivers of penalties for reserve deficiencies in accordance with Board policy effective November 19, 1975. Estimated (Treasury's Figures). * Estimated (Richmond and Chicago Districts). 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 March 1, Feb. 22, Mar. 2, A S S E TS 1978** 1978 1977 Gold certificate account 1,718 -- + 67 Special Drawing Rights certif. acct. * 1,250 -- + 50 Coin 338 - 1 - 39 Loans 825 + 507 + 784 Acceptances—Bought outright -- -- - 177 Held under repurchase agreements 354 - 99 + 205 Federal Agency obligations—Bought outright 7,982 -- +1,215 Held under repurchase agreements 1/ 419 - 45 + 342 U.S. Government securities: Bought outright--Bills 7,547 _ 583 -1,829 Certificates Notes 50,516 +1,596 Bonds 9,398 +2,239 Total bought outright 2/ 97,461 - 583 +2 ,006 Held under repurchase agreements \J 1,630 -1,608 + 698 Total U.S. Government securities 99,091 -2,191 +2 ,704 Total loans and securities 108,671 -1,828 +5 ,073 Cash items in process of collection (2,114) 10,806 -3,262 + 793 Bank premises 381 + 11 Other assets 3/ 1,611 + 19 - 696 TOTAL ASSETS (2,114) 134,775 -5,072 +5,259 L I A B I L I T I ES Federal Reserve notes 90,722 - 169 +8,659 Deposits: Member bank-reserves account 28,735 -2,537 +3,090 U.S. Treasury—general account 3,634 - 197 -7,980 Foreign 369 + 58 + 92 Other jV 771 + 104 + 36 Total deposits 33 ,509 -2,572 -4,762 Deferred availability cash items (2,114) 6 ,529 -2,439 + 377 Other liabilities and accrued dividends 1 ,396 - 21 + 377 TOTAL LIABILITIES (2,114) 132,156 -5,201 +4,651 C A P I T AL A C C O U N TS Capital paid in 1,042 + 53 Surplus 1,029 + 46 Other capital accounts 548 128 + 509 * Figures in parentheses are the eliminations made in the consolidating process. Estimated (Richmond and Chicago 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 $2,063 million was outstanding at the end of the latest statement week. 2/ Net of $2,063 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $212 million securities loanedfully secured by U.S. Government securities. 3/ Includes assets denominated in foreign currencies. 4/ Includes $13 million of certain deposits of foreign-owned banking institu tions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. MATURITY DISTRIBUTION: OF LOANS AND SECURITIES, March 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 812 354 4,536 -1,471 588 - 6 16 days to 90 days 13 19,020 + 803 140 -139 91 days to 1 year 29,523 -1,250 1,180 +306 Over 1 year to 5 years 28,824 - 273 3,954 -221 Over 5 years to 10 years 9,571 -- 1,659 + 15 Over 10 years 7,617 -- 880 -- Total 825 354 99,091 -2,191 8,401 - 45 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 March 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 338 21 20 19 46 31 33 27 21 10 47 18 45 Loans 825 46 102 46 24 95 13 386 19 12 28 27 27 Acceptances: Bought outright — -- -- -- -- -- -- -- -- — -- — — Held under repurchase agreements 354 -- 354 -- -- -- -- -- -- -- -- — -- 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 J7 419 — 419 -- -- -- -- -- -- -- -- -- -- U.S. Government securities: Bought outright— Bills 37,547 1,755 8,862 2,003 3,143 3,070 1,854 6,015 1,593 919 1,506 1,877 4,950 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 2/ 97,461 4,554 23,003 5,199 8,158 7,968 4,812 15,613 4,136 2,386 3,910 4,873 12,849 Held under repurchase agreements 1/ 1,630 -- 1,630 -- -- -- -- -- -- -- -- -- -- Total U.S. Government securities 99,091 4,554 24,633 5,199 8,158 7,968 4,812 15,613 4,136 2,386 3,910 4,873 12,849 Total loans and securities 108,671 4,973 27,392 5,671 8,850 8,716 5,219 17,278 4,494 2,593 4,258 5,299 13,928 Cash items in process of collection 12,920 389 1,535 380 622 2,274 1,574 1,526 523 657 1,174 1,018 1,248 Bank premises 381 106 9 56 24 75 14 16 13 29 18 12 9 Other assets 3/ 1,611 73 342 84 109 126 117 184 64 36 59 76 341 Interdistrict settlement account -0- + 236 + 958 - 396 - 58 + 93 - 610 - 979 - 171 + 21 + 3 - 305 +1,208 TOTAL 136,889 6,401 34,061 6,519 10,634 12,410 6,971 19,986 5,466 3,596 5,996 6,622 18,227 * Estimated (Richmond and Chicago 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 $2,063 million was outstanding at the end of the latest statement week. 2/ Net of $2,063 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $212 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 MARCH 1, 1978 New Phila Cleve Rich St. IMinne- Kansas San Total Boston York delphia land mond Atlanta Chicago Louis 1apolis City Dallas Francisco * * (In millions of dollars) L "{ABILITIES icderai Reserve notes 90,722 4,677 23,302 4,761 7,764 8,221 3,446 14,996 3,869 1,934 3,426 3,956 10,370 deposits: Member bank reserves 28,735 1,034 7,382 1,076 1,711 1,506 1,927 3,535 878 837 1,290 1,628 5,931 U.S. Treasury—general account 3,634 211 507 273 396 347 266 306 175 151 190 152 660 Foreign 369 9 1/ 164 12 23 15 21 42 9 8 11 16 39 Other 2/ 771 661 2 1 16 53 5 1 2 4 , 12 14 Total deposits 33,509 1,254 8,714 1,363 2,131 1,884 2,267 3,888 1,063 998 1,495 1,808 1,644 Deferred availability cash items 8,643 329 1,063 222 428 1,971 1,003 527 401 490 925 654 630 Other liabilities and accured dividends 1,396 53 302 56 88 181 75 173 47 99 43 60 219 TOTAL LIABILITIES 134,270 6,313 33,381 6,402 10,411 12,257 6,791 19,584 5,380 3,521 5,889 6,478 17,863 CAPITAL ACCOUNTS Capital paid in 1,042 32 274 44 89 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 548 24 139 29 47 43 24 87 22 13 20 27 73 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 136,889 6,401 34,061 6,519 10,634 12,410 6,971 19,986 5,466 3,596 5,996 6,622 18,227 FEDERAL RESERVE AGENTS' ACCOUNTS F,R. notes outstanding 102,854 5,434 25,221 5,434 8,378 9,025 4,627 16,649 4,416 2,177 4,271 4,975 12,247 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 662 33// 4455 65 45 24 94 13 275 19 11 28 17 26 U.S. Government securities 89,224 --^^,,778866 21,351 4,684 7 f 313 7,836 3,990 14,440 3,875 1,916 3,806 4,454 10,773 Total collateral 102,854 5,434 25,221 5,434 8,378 9,025 4,627 16,649 4,416 2,177 4,271 4,975 12,247 V 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. 5" Estimated (Richmond and Chicago Districts). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis