H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and '***u5&y Condition Statement of F.R. Banks H.4.1 For* immediate release May 4, 1978 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, May 3, April 26, May 4, May 3, and related items 1978 1978 1977 1978 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright—System account 1/ 102,844 + 616 +5,453 2/102,514 Held under repurchase agreements 956 + 732 -2,197 2,842 Federal Agency obligations-- Bought outright 7,929 -- + 852 7,929 Held under repurchase agreements 231 + 193 + 20 864 Acceptances-- Bought outright — - 101 „_ Held under repurchase agreements 250 + 219 - 527 464 Loans-- Total member bank borrowing 1,665 + 856 +1,450 2,836 Includes seasonal borrowing of: 60 + 11 + 41 65 Other borrowing Float 4,223 73 +1,018 5,540 Other F.R. assets 3,168 + 171 92 3,152 Total Reserve Bank credit 121,266 +2,715 +5,876 126,141 Gold Stock 11,718 -- + 82 11,718 Special Drawing Rights certif. acct. 1,250 -- + 50 1,250 Treasury currency outstanding 11,517 + 5 + 504 11,520 145,751 +2,720 +6,512 150,629 Currency in circulation * 103,398 + 147 +9,165 103,954 Treasury cash holdings * 400 + 12 - 42 400 Treasury deposits with F.R. Banks 8,118 +1,797 -5,344 10,247 Foreign deposits with F.R. Banks 471 + 132 + 175 468 Other deposits with F.R. Banks 3/ 730 - 42 + 138 712 Other F.R. liabilities and capital 4,008 + 214 + 581 3,632 117,126 +2,261 +4,674 119,413 Member bank reserves: With Federal Reserve Banks 28,626 + 459 +1,840 31,216 Currency and coin 9,245 + 448 + 353 9,245 Total reserves held 4/ 37,952 + 906 +2,121 40,542 Required reserves ~~ 37,607 + 596 +2,078 37,607 Excess reserves 4/ 345 + 310 + 43 2,935 NOTE: A net of $12 million of deficit reserves were eligible to be carried forward from the week ended April 26, into the week ending May 3. On May 3, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign official and international accounts were $85,185 million, a decrease of $1,405 million for the week. 17 Net of $1,308 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which $1,308 million was with foreign official and international accounts. Includes securities loaned—fully secured by U.S. Government securities. 2/ Net of $1,637 million matched sale-purchase transactions outstanding at the end of the latest statement week,of which $1,637 million was with foreign official and international accounts. Includes $363 million secu:ities loanedfully secured by U.S. Government securities. 3/ Includes $14 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 $81 million 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 CChhaanngg'e since May 3, April 26, T" May 4, A S S E TS 1978 1978 1977 Gold certificate account 11,718 — + 82 Special Drawing Rights certif. acct. 1,250 -- + 50 Coin 311 + 3 - 13 Loans 2,836 +1 ,072 +2 ,714 Acceptances—Bought outright -- — - 93 Held under repurchase agreements 464 + 248 - 460 Federal Agency obligations--Bought outright 7,929 -- + 852 Held under repurchase agreements 1/ 864 + 601 + 437 U.S. Government securities: Bought outright--Bills 40,311 + 157 + 414 Certificates Notes 52,510 +2,878 Bonds 9,693 +2,459 Total bought outright 2/ 102,514 + 157 +5,751 Held under repurchase agreements 1/ 2 t 842 + 1,276 -3,248 Total U.S. Government securities 105,356 +1,433 +2,503 Total loans and securities 117,449 +3,354 +5,953 Cash items in process of collection (2,203) 12,482 +1,371 +2,153 Bank premises 387 + 1 + 20 Other assets _3/ 2,765 + 168 70 TOTAL ASSETS (2,203) 146,362 +4,897 +8,175 LI A B.I L I T I ES Federal Reserve notes 93,145 + 448 +8,650 Deposits: Member bank-reserves account 31,216 +3,147 +1,381 U.S. Treasury-general account 10,247 +1,518 -3,452 Foreign 468 + 8 + 209 Other 4/ 712 - 84 + 168 Total deposits 42,643 +4,589 -1,694 Deferred availability cash items (2,203) 6,942 + 107 + 708 Other liabilities and accrued dividends 1,463 + 176 + 401 TOTAL LIABILITIES (2,203) 144,193 +5,320 +8,065 C A P I T AL ACCOUNTS Capital paid in 1,049 .. + 55 Surplus 1,029 -- + 46 Other capital accounts 91 - 423 + 9 * Figures in parentheses are the eliminations made in the consolidating process. 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 $1,637 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $363 million securities loaned-fully secured by U.S. Government securities. Includes assets denominated in foreign currencies. 4/ Includes $14 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, May 3, 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 2,805 464 8,054 +2,327 898 + 615 16 days to 90 days 31 17,895 -2,324 271 + 6 91 days to 1 year 31,462 +1,137 1,162 + 10 Over 1 year to 5 years 29,904 + 293 3,961 - 30 Over 5 years to 10 years 10,132 -- 1,644 -- Over 10 years 7,909 -- 857 — Total 2,836 464 105,356 +1,433 8,793 + 601 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 May 3, 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) A S S E TS Gold certificate account 11,718 560 3,453 598 921 974 518 1,763 466 231 425 509 1,300 Special Drawing Rights certif. acct. 1,250 62 313 74 107 113 64 198 53 25 44 48 149 Coin 311 21 21 17 44 26 27 23 21 10 46 14 41 Loans 2,836 167 806 163 63 219 205 599 95 24 119 219 157 Acceptances: Bought outright Held under repurchase agreements 464 464 Federal Agency obligations— Bought outright 7,929 369 1,929 397 660 649 359 1,264 324 190 325 412 1,051 Held under repurchase agreements 1/ 864 864 U.S. Government securities: Bought outright— Bills 40,311 1,876 9,806 2,019 3,355 3,300 1,824 6,429 1,646 967 1,652 2,093 5,344 Certificates Notes 52,510 2,444 12,774 2,630 4,370 4,300 2,375 8,375 2,144 1 ,260 2,151 2,726 6,961 Bonds 9,693 451 2,358 485 807 794 438 1,546 396 233 397 503 1,285 4/ Total bought outright 2/ 102,514 4,771 24,938 5,134 8,532 8,394 4,637 16,350 4,186 2 ,460 4,200 5,322 13,590 Held under repurchase agreements 1/ 2,842 -- 2,842 -- -- — -- -- — — -- -- -- Total U.S. Government securities 105,356 4,771 27,780 5,134 8,532 8,394 4,637 16,350 4,186 2 ,460 4,200 5,322 13,590 Total loans and securities 117,449 5,307 31,843 5,694 9,255 9,262 5,201 18,213 4,605 2 ,674 4,644 5,953 14,798 Cash items in process of collection 14,685 461 1,642 495 789 2,182 1,642 1,805 789 666 1,276 1,112 1,826 Bank premises 387 106 10 56 23 78 16 16 13 29 19 12 9 Other assets 3/ 2,765 108 525 109 169 168 121 306 84 78 90 112 895 Interdistrict settlement account -0- - 117 -1,090 - 411 - 36 + 59 - 73 - 730 + 361 207 + 457 + 316 +1,471 148,565 6,508 36,717 6,632 11,272 12,862 7,516 21,594 6,392 3 ,506 7,001 8,076 20,489 TOTAL 1/ Does not include U.S. Government and Federal Agency securities resold underm atched sale-purchase transactions to foreign official and international accounts, of which $-0- million was outstanding at the end of the latest statementw eek. 2/ Net of $1,637 million matched sale-purchase transactions outstanding at thee nd of the latest statement week. Includes $363 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 MAY 3, 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 93,145 4,871 23,895 4,810 7,905 8,471 3,510 15,441 4,014 1,895 3,605 4,162 10,566 Deposits: Member bank reserves 31,216 778 7,780 947 1,734 1,635 2,102 4,231 1,025 764 1,375 1,839 7,006 U.S. Treasury--general account 10,247 410 2,349 397 818 638 568 544 765 183 912 1,282 1,381 Foreign 468 9 1/ 263 12 23 15 21 42 9 8 11 16 39 Other 712 606 1 2 20 56 5 1 3 8 10 Total deposits 42,643 1,197 10,998 1,357 2,577 2,308 2,747 4,822 1,799 956 2,301 3,145 8,436 Deferred availability cash items 9,145 312 876 313 501 1,869 1,031 811 461 558 956 580 877 Other liabilities and accured dividends 1,463 58 386 59 103 100 67 191 50 31 48 66 304 TOTAL LIABILITIES 146,396 6,438 36,155 6,539 11,086 12,748 7,355 21,265 6,324 3,440 6,910 7,953 20,183 CAPITAL ACCOUNTS Capital paid in 1,049 32 274 44 90 55 79 160 33 32 43 60 147 Surplus 1,029 32 267 44 87 55 78 157 32 31 43 58 145 Other capital accounts 91 6 21 5 9 4 4 12 3 3 5 5 14 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 148,565 6,508 36,717 6,632 11,272 12,862 7,516 21,594 6,392 3,506 7,001 8,076 20,489 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 104,242 5,567 25,698 5,429 8,502 9,078 4,558 16,863 4,489 2,218 4,354 5,141 12,345 Collateral for F.R. notes: Gold certificate account 11,717 560 3,453 598 921 974 518 1,762 466 231 425 509 1,300 Special Drawing Rights certif. acct. 1,250 62 313 74 107 113 64 198 53 25 44 48 149 Eligible Paper 2,354 33// 115522 673 162 63 218 181 369 95 24 107 215 95 U.S. Government securities 88,921 --44,,779933 21,259 4,595 7,411 7,773 3,795 14,534 3,875 1,938 3,778 4,369 10,801 Total collateral 104,242 5,567 25,698 5,429 8,502 9,078 4,558 16,863 4,489 2,218 4,354 5,141 12,345 1/ After deducting $205 million participations of other Federal Reserve Banks 2/ Includes $14 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis