H.4.1 Factors Affecting Reserve Balances of Depository Institutions

•'o^2^ FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release May 18, 1978 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, May 17, May 10, May 18, May 17, and related items 1978 1978 1977 1978 Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright—System account 1/ 101,951 -1,558 4-4,688 2/ 99,319 Held under repurchase agreements 1,190 - 192 - 881 — Federal Agency obligations-- Bought outright 7,900 - 29 + 823 7,895 Held under repurchase agreements 542 + 71 + 262 — Acceptances-- Bought outright __ ._ - 72 __ Held under repurchase agreements 411 + 35 - 37 — Loans-- Total member bank borrowing 867 - 821 + 740 1,419 Includes seasonal borrowing of: 91 + 19 + 62 81 Other borrowing Float 4,436 + 75 +1,793 5,539 Other F.R. assets 2,658 - 649 - 349 2,136 Total Reserve Bank credit 119,956 -3,067 +6,968 116,308 Gold Stock 11,718 — + 85 11,718 Special Drawing Rights certif. acct. 1,250 — + 50 1,250 Treasury currency outstanding 11,537 + 5 + 482 11,539 144,461 -3,062 +7,585 140,815 Currency in circulation * 104,497 + 353 +9,345 104,680 Treasury cash holdings * 400 + 17 - 40 400 Treasury deposits with F.R. Banks 6,589 -3,769 -4,273 4,505 Foreign deposits with F.R. Banks 283 - 153 82 232 Other deposits with F.R. Banks 3/ 615 26 + 90 577 Other F.R. liabilities and capital 3,882 1 + 601 3,805 116,266 -3,580 +5,640 114,199 Member bank reserves: With Federal Reserve Banks 28,195 + 516 +1,944 26,617 Currency and coin 9,200 - 308 + 657 9,200 Total reserves held 4/ 37,467 + 202 +2,521 35,889 Required reserves 37,408 + 399 +2,680 37,408 Excess reserves 4/ 59 - 197 - 159 - 1,519 NOTE: A net of $157 million of surplus reserves were eligible to be carried forward from the week ended May 10, into the week ending May 17. On May 17, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign official and international accounts were $85,770 million, an increase of $506 million for the week. 1/ Net of $3,066 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which $2,240 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. Government securities. 2/ Net of $5,448 million matched sale-purchase transactions outstanding at the end of the latest statement week,of which $2,283 million was with foreign official and international accounts. Includes $255 million securities loaned—fully 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 $72 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 Change since May 17, May 10, May 18, A S S E TS 1978 1978 1977 Gold certificate account 1,718 — + 89 Special Drawing Rights certif. acct. 1,250 — + 50 Coin 296 - 7 33 Loans 1,419 + 233 +1,208 Acceptances—Bought outright — — - 68 Held under repurchase agreements -- - 638 - 290 Federal Agency obligations—Bought outright 7,895 - 34 + 818 Held under repurchase agreements 1/ -- - 989 - 276 U.S. Government securities: Bought outright--Bills 36,597 -3,667 -3,580 Certificates Notes 52,055 - 455 +3,323 Bonds 10,667 + 974 +2,533 Total bought outright 2/ 99,319 -3,148 +2,276 Held under repurchase agreements J7 -- --22,,441144 -1,119 Total U.S. Government securities 99,319 --55,,556622 +1,157 Total loans and securities 108,633 -6,990 +2,549 Cash items in process of collection (2,392) 12,573 +2,142 +3,096 Bank premises 388 + 1 + 20 Other assets jty 1,748 - 778 - 638 TOTAL ASSETS (2,392) 136,606 -5,632 +5,133 Federal Reserve notes 93,836 25 +8,903 Deposits: Member bank-reserves account 26,617 -2,766 + 982 U.S. Treasury—general account 4,505 -3,426 -6,343 Foreign 232 - 352 - 47 Other V 577 - 108 + 41 Total deposits 31,931 -6,652 -5,367 Deferred availability cash items (2,392) 7,034 +1,061 +1,088 Other liabilities and accrued dividends 1,348 - 159 + 360 TOTAL LIABILITIES (2,392) 134,149 -5,775 +4,984 C A P I T AL A C C O U N TS Capital paid in 1,051 + 1 + 53 Surplus 1,029 — + 46 Other capital accounts 377 + 142 + 50 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Doe s 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 $5.,448 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $255 million securities loaned-fully secured by U.S. Government securities. ZJ 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 17, 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 Loan 8 Accept securities obligations ances Holdings Weekly Holdings Weekly changes changes Within 15 days 1,405 3,434 -4,225 75 - 978 16 days to 90 days 14 16,368. -1,194 200 - 41 91 days to 1 year 29,160 -2,556 1,158 - 4 Over 1 year to 5 years 29,719 - 184 3,961 -- Over 5 years to 10 years 11,760 +1,628 1,654 + 10 Over 10 years 8\>878 + 969 847 j^ 10 Total 1,419 99,319 -5,562 7,895 -1,023 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 17, 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 11,718 560 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 296 19 21 15 42 24 25 20 21 10 45 15 39 Loans 1,419 169 286 95 34 139 42 114 23 37 64 189 227 Acceptances: Bought outright — — -- -- — — -- — — — — -- — Held under repurchase agreements -- — -- — -- -- -- -- -- — — — — Federal Agency obligations— Bought outright 7,895 367 1,921 396 657 647 357 1,259 322 189 323 410 1,047 Held under repurchase agreements J7 — — — — — — — — — — — -- — U.S. Government securities: Bought outright— Bills 36,597 1,703 8,903 1,833 3,046 2,997 1,655 5,837 1,494 878 1,499 1,900 4,852 Certificates — — — « -- — -- — -- — — — -- Notes 52,055 2,423 12,663 2,607 4,332 4,262 2,355 8,302 2,126 1,249 2,133 2,702 6,901 Bonds 10,667 496 2,595 534 888 873 483 1,701 436 256 437 554 1,414 4/ Total bought outright 2/ 99,319 4,622 24,161 4,974 8,266 8,132 4,493 15,840 4,056 2,383 4,069 5,156 13,167 Held under repurchase agreements 1/ — — -- -- -- -- — -- -- -- — -- -- Total U.S. Government securities 99,319 4,622 24,161 4,974 8,266 8,132 4,493 15,840 4,056 2,383 4,069 5,156 13,167 Total loans and securities 108,633 5,158 26,368 5,465 8,957 8,918 4,892 17,213 4,401 2,609 4,456 5,755 14,441 Cash items in process of collection 14,965 449 2,169 371 775 2,295 1,532 2,075 618 647 1,262 924 1,848 Bank premises 388 106 10 56 23 79 16 16 13 29 19 12 9 Other assets 3/ 1,748 79 379 76 114 116 109 205 62 38 63 81 426 Interdistrict settlement account -0- - 264 + 625 - 42 - 551 - 96 + 24 + 147 + 101 - 222 - 114 - 28 + 420 138,998 6,169 33,338 6,613 10,388 12,423 7,180 21,637 5,735 3,367 6,200 7,316 18,632 ______ TOTAL _L/ 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 $5,448 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $255 million securities loaned—fully secured by U.S. Government securities. __/ 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 17, 1978 1 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 93,836 4,875 23,981 4,919 7,924 8,511 3,651 15,497 4,028 1,901 3,665 4,204 10,680 Deposits: Member bank reserves 26,617 624 6,143 928 1,490 1,234 1,845 3,910 912 666 1,211 1,889 5,765 U.S. Treasury—general account 4,505 183 785 372 162 456 313 704 240 162 174 347 607 Foreign 232 8 1/ 28 12 23 15 21 42 9 8 11 16 39 Other 577 459 1 1 17 55 6 * 2 2 10 24 Total deposits 31,931 815 7,415 1,313 1,676 1,722 2,234 4,662 1,161 838 1,398 2,262 6,433 Deferred availability cash items 9,426 339 1,019 214 480 1,958 1,062 921 416 527 9o2 651 o57 Other liabilities and accured dividends 1,348 59 285 57 $9 94 62 183 50 29 51 62 Hi TOTAL LIABILITIES 136,541 6,088 32,700 6,503 10,179 12,285 7,009 21,263 5,655 3,295 6,096 7,179 18,289 CAPITAL ACCOUNTS Capital paid in 1,051 32 276 44 90 55 78 160 33 32 45 60 146 Surplus 1,029 32 267 44 87 55 78 157 32 31 43 58 145 Other capital accounts 377 17 95 22 32 28 15 57 15 9 16 19 52 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 138,998 6,169 33,338 6,613 10,388 12,423 7,180 21,637 5,735 3,367 6,200 7,316 18 ,632 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 104,617 5,595 25,742 5,482 8,461 9,105 4,690 16,835 4,493 2,203 4,373 5,195 12,443 Collateral for F.R. notes: Gold certificate account 11,717 560 3,453 598 921 974 518 1,763 466 231 424 509 1,300 Special Drawing Rights certif. acct. 1,250 62 313 74 107 113 64 198 53 25 44 48 149 Eligible Paper 1,390 33//11 66°° 286 94 34 135 42 109 22 37 59 186 226 U.S. Government securities 90,260 --44,,881133 21,690 4,716 7,399 7,883 4,066 14,765 3,952 1,910 3,846 4,452 10,768 Total collateral 104,617 5,595 25,742 5,482 8,461 9,105 4,690 16,835 4,493 2,203 4,373 5,195 12,443 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. * Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis