H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and r**5&&:' Condition Statement of F.R. Banks H.4.1 For immediate release March 9, 1978 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, March 8, March 1, March 9, March 8, and related items 1978* 1978 1977 1978* Reserve Bank credit: (In millions of dollars) U.S. Government securities— Bought outright—System account 1/ 97,275 -444 +3,082 2/ 96,165 Held under repurchase agreements 354 + 18 + 354 Special Certificates Federal Agency oblications — Bought outright 7,982 +1 ,215 7,982 Held under repurchase agreements 39 - 29 + 39 Acceptances — Bought outright _ 177 Held under repurchase agreements 27 - 55 + 27 Loans— Total member bank borrowing 396 + 6 + 376 783 Includes seasonal borrowing of: 47 - 12 + 36 46 Other borrowing Float 4,834 +239 +1 ,736 5,720 Other F.R. assets 1,973 -174 - 680 1,995 Total Reserve Bank credit 112,879 -439 +5 ,970 112,645 Gold Stock 11,718 — + 67 11,718 Special Drawing Rights certif. acct. 1,250 — + 50 1,250 Treasury currency outstanding 11,447 + 14 + 494 11,457 137,294 -425 +6,581 137,070 Currency in circulation ** 101,463 +302 +9,190 102,051 Treasury cash holdings ** 400 — - 109 400 Treasury deposits with F.R. Banks 4,278 +210 -4,418 4,583 Foreign deposits with F.R. Banks 330 - 20 + 74 303 Other deposits with F.R. Banks 3/ 637 -225 66 681 Other F.R. liabilities and capital 3,603 -274 + 605 3,759 110,710 - 8 +5,275 111,777 Member bank reserves: With Federal Reserve Banks 26,584 -419 +1,306 25,294 Currency and coin 9,103 + 36 + 922 9,103 Total reserves held 4/ 35,766 -383 +2,159 34,476 Required reserves 35,393 -604 +2,059 35,393 Excess reserves 4/ 373 +221 + 100 917 NOTE A net of $76 million of surplus reserves were eligible to be carried forward from the week ended March 1, into the week ending March 8. On March 8, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign official and internationa laccounts" were $84,692 million, an increase of $1,170 million for the week. 1/ Net of $2,400 million, daily average, matched sale-purchase transaction sout standing during the latest statement week, of which $1,836 million was with foreign official and international accounts. Includes securities loaned— fully secured by U.S. Government securities. 2/ Net of $3,710 million matched sale-purchase transactions, outstanding at the end of the latest statement week of which $1,565 million was with foreign official and international accounts. Includes $202 million securities loaned—fully secured by U.S. Government securities. 3/ Includes $17 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 $79 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> CON$OLIDATED STATEMENT Vt UUNDITJLUN Ut ALL i-iSDKKAL K&SERVE BANKS (In millions of dollars) Wednesday Change since Mar. 8, Mar. 1, Mar. 9, ASSET'S 1978** 1978 1977 Gold certificate account 1 ,718 — + 67 Special Drawing Rights certif. acct. 1 ,250 — + 50 Coin 332 6 - 42 Loans 783 - 42 + 750 Acceptances—Bought outright -- -- - 174 Held under repurchase agreements — - 354 -- Federal Agency obligations—Bought outright 7 ,982 -- +1 ,215 Held under repurchase agreements 1/ - 419 U.S. Government securities^ Bought outright—Bills 6 ,251 -l v 296 - 339 Certificates Notes 50,516 +1,596 Bonds 9,398 4-2,239 Total bought outright 2/ 96,165 -1,296 +3,496 Held under repurchase agreements \J -1,630 Total U.S. Government securities 96,165 -2,926 +3,496 Total loans and securities 104,930 -3,741 +5,287 Cash items in process of collection (1,854) 11,775 + 869 +2,778 Bank premises 383 + 2 + 11 Other assets J/ JLtil2 ± 1 704 TOTAL ASSETS CI,854) 132,000 -2,875 +7,447 L I A B I L I T I ES Federal Reserve notes 91,325 + 603 +8,425 Deposits: Member bank-reserves account 25,294 -3,457 + 149 U.S. Treasury—general account 4,583 + 949 -2,499 Foreign 303 - 66 + 54 Other V 681 - 104 - 26 Total deposits 30,861 -2,678 -2,322 Deferred availability cash items (1,854) 6,055 - 544 + 656 Other liabilities and accrued dividends 1,519 + 123 + 573 TOTAL LIABILITIES (1,854) 129,760 -2,496 +7,332 CAPITAL ACCOUNTS Capital paid in 1,044 + 2 + 55 Surplus 1,029 — + 46 Other capital accounts 167 - 381 + 14 Figures in parentheses are the eliminations made in the consolidating process. Estimated (Philadelphia District). 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 $-0- million was outstanding at the end of the latest statement week. 2/ Net of $3,710 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $202 million securities loaned-fully secured by U.S. Government securities. 3/ Includes assets denominated in foreign currencies. 4/ Includes $17 million of certain deposits of foreign-owaed banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. MATURITY DISTRIBUTION: OF LOANS AND SECURITIES, March 8. 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 jchanges changes Within 15 days 765 2,060 -2,476 178 -410 16 days to 90 days 18 17,829 »1,191 176 + 36 91 days to 1 year 30,264 + 741 1,158 - 22 Over 1 year to 5 years 28,82/ -- 3,931 - 23 Over 5 years to 10 years 9,571 -- 1,659 — Ovei 1G years 7,617 -- 888800 -- Total 783 96,165 -2,926 77,,998822 -419 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 8, 1978 New Phila- Cleve- Rich St. Minne Kansas San Total Boston York *delnhia land J 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 332 21 22 17 45 30 32 26 21 10 46 16 46 Loans 783 51 556 17 12 11 20 27 7 13 18 46 5 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 36,251 1,694 8,556 1,934 3,035 2,964 1,790 5,807 1,538 887 1,454 1,813 4,779 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 L139 4/ Total bought outright 2/ 96,165 4,493 22,697 5,130 8,050 7,862 4,748 15,405 4,081 2,354 3,858 4,809 12,678 Held under repurchase agreements 1/ — -_ -- — -- -- -- — — — ... -- — Total U.S. Government securities 96,165 4,493 22,697 5,130 8,050 7,862 4,748 15,405 4,081 2,354 3,858 4,809 12,678 Total loans and securities 110044,,993300 44,,991177 2255,,113377 55,,557733 88,,773300 88,,552266 55,,116622 1166,,771111 44,,442277 22,,556622 44,,119966 55,,225544 13,735 Cash items in process of collection 1133,,662299 336633 11,,662233 333344 558888 11,,779955 11,,662288 11,,886633 668899 666699 11,,114488 996622 1,967 Bank premises 383 107 10 56 23 75 14 16 13 29 19 12 9 Other assets 3/ 1,612 78 362 87 116 122 120 214 86 51 70 82 224 Interdistrict settlement account -0- - 215 + 998 - 511 - 525 + 152 - 650 - 733 - 356 - 204 + 101 - 88 +2,031 TOTAL 133,854 5,874 31,957 6,261 10,018 11,795 6,930 20,031 5,402 3,367 6,017 6,742 19,460 * Estimated (Philadelphia District). JL/ Does not include U.S. Government and Federal Agency securities resold under matched sale-purchase transactions to foreign official and international accounts, of which $-0- million was outstanding at the end of the latest statement week. 2/ Net of $3,710 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $202 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 MARCH 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 91,325 4,695 23,436 4,766 7,812 8,292 3,513 15,104 3,906 1,915 3,461 3,993 10,432 Deposits: Member bank reserves 25,294 507 5,319 868 1,345 1,241 1,778 3,153 681 651 1,180 1,632 6,939 U.S. Treasury—general account 4,583 240 865 255 208 456 401 474 189 193 336 325 641 Foreign 303 9 1/ 99 12 23 15 21 42 8 8 11 16 39 Other 681 560 2 1 28 53 6 1 2 3 10 15 Total deposits 30,861 756 6,843 1,137 1,577 1,740 2,253 3,675 879 854 1,530 1,983 7,634 Deferred availability cash items 7,909 296 828 206 346 1,458 927 732 408 501 887 574 746 Other liabilities and accured dividends 1,519 56 265 56 92 182 72 178 138 30 46 66 33 S TTOOTTAALL LLIIAABBIILLIITTIIEESS 131,614 5,803 31,372 6,165 9,827 11,672 6,765 19,689 5,331 3,300 5,924 6,616 19,150 CCAAPPIITTAALL AACCCCOOUUNNTTSS CCaappiittaall ppaaiidd iinn 1,044 32 274 44 89 55 79 158 32 32 44 59 146 SSuurrpplluuss 1,029 32 267 44 87 55 78 157 32 31 43 58 145 OOtthheerr ccaappiittaall aaccccoouunnttss 167 7 44 8 15 13 8 27 7 4 6 9 19 TTOOTTAALL LLIIAABBIILLIITTIIEESS AANNDD CCAAPPIITTAALL AACCCCOOUUNNTTSS 133,854 5,874 31,957 6,261 10,018 11,795 6,930 20,031 5,402 3,367 6,017 6,742 19,460 FEDERAL RESERVE AGENTS* ACCOUNTS F.R. notes outstanding 103,021 5,463 25,288 5,486 8,425 8,998 4,581 16,653 4,413 2,169 4,349 4,96* —127233 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 U E . l S i . g i G b o l v e e r P n a m p e e n r t securities 89,3 7 0 5 3 0 ^^44,,880099 20,9 5 4 3 9 4 4 76 1 4 7 7,3 1 7 2 2 -- 33 '' // 77 ,,88 11 99 00 33 3,9 2 3 0 7 14,6 2 9 2 7 3,88 7 4 1,90 1 9 0 -- 3377// 33 ,,88 11 99 88 44 4,41 4 3 6 10,78 3 2 ? Total collateral 103,021 5,463 25,288 5,486 8,425 8,998 4,581 16,653 4,413 2,169 4,349 4,963 12,233 1/ After deducting $204 million participations of other Federal Reserve Banks If le5eri?\esLve1B^nks?f ^^ dep°SitS of ^reign-owned banking institutions voluntarily held with member banks and redeposited in full with 1/ Includes securities borrowed from other reserve banks. * Estimated (Philadelphia District), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis