H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE Factors Affecting Bank Reserves and •.f*4Ltt^- Condition Statement of F.R. Banks H.4.1 For immediate release June 1, 1978 Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday Reserve Bank credit, May 31, Ma?' *4, June 1, May 31, and related items 1978* 1978 1977 1978* Reserve Bank credit: (In millions of dollars) U.S. Government securities-- Bought outright—System account 1/ 101,623 . 751 +5,311 2/ 102,395 Held under repurchase agreements 62 + 62 - 57 431 Federal Agency obligations-- Bought outright 7,895 .. + 818 7,895 Held under repurchase agreements 4 + 4 + 3 26 Acceptances-- Bought outright -_ __ - 59 «... Held under repurchase agreements 39 + 39 + 32 274 Loans— Total member bank borrowing 1,399 + 698 +1,169 1,167 Includes seasonal borrowing of: 115 + 11 + 70 114 Other borrowing -- — — —. Float 3,544 - 454 +1,047 4,570 Other F.R. assets 2,422 + 175 - 440 2.450 Total Reserve Bank credit 116,989 - 227 +7,824 119,209 Gold Stock 11,718 — + 89 11,718 Special Drawing Rights certif. acct. 1,250 — + 50 1,250 Treasury currency outstanding 11,553 + 13 + 487 11,557 141,510 - 214 +8,450 j 143,733 Currency in circulation ** 104,776 + 408 +9,382 105,246 Treasury cash holdings ** 400 + 18 -• 33 i 400 Treasury deposits with F.R. Banks 3,291 -1, 121 -3,641 1 2,398 Foreign deposits with F.R. Banks 348 + 95 + 27 454 Other deposits with F.R. Banks 3/ 637 + 34 - 185 658 Other F.R. liabilities and capital 4,103 + 157 + 627 4,182 113,555 - 409 +6,177 113,338 Member bank reserves: With Federal Reserve Banks 27,955 + 195 +2,274 30,395 Currency and coin 9,214 + 573 + 629 9,214 Total reserves held 4/ 37,242 + 771 +2,824 39,682 Required reserves 36,551 + 317 +2,542 j 36,551 Excess reserves 4/ 691 + 454 + 282 3,131 NOTE: A net of $161 million of surplus reserves were eligible to be carried forward from the week ended May 24, into the week ending May 31. On May 31, 1978, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign official and international accounts were $84,854 million, a decrease of $258 million for the week. 1/ Net of $2,437 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which $1,790 million was with foreign official and international accounts. Includes securities loaned—fully secured by U.S. Government securities. 2/ Net of $1,655 million matched sale-purchase transactions outstanding at the end of the latest statement week,of which $1,655 million was with foreign official and international accounts. Includes $210 million securities loaned—fully secured by U.S. Government securities. 3 A Includes $13 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 $73 million waivers of penalties for reserve deficiencies in accordance with Board policy effective November 19, 1975. * Estimated (New York, Cleveland and Richmond Districts). ** 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 31, May 24, June 1, A S S E TS 1978** 1978 197Z Gold certificate account 1,718 — + 89 Special Drawing Rights certif. acct. 1,250 — + 50 Coin 291 5 - 24 Loans 1,167 + 403 + 945 Acceptances--Bought outright — — - 58 Held under repurchase agreements 274 + 274 + 274 Federal Agency obligations—Bought outright 7,895 — + 818 Held under repurchase agreements 1/ 26 + 26 + 26 U.S. Government securities: Bought outright—Bills 9,673 -1,140 + 1 287 3 Certificates Note 3 52,055 +3,323 Bonds 10,667 +2,533 Total bought outright 2/ 102,395 -1, 140 +7,143 Held under repurchase agreements 1/ 431 + 431 + 431 Total U.S. Government securities 102,826 - 709 +7,574 Total loans and securities 112,188 - 6 +9,579 Cash items in process of collection (2,095) 11,573 + 610 + 361 Bank premises 388 + 19 Other assets J/ 2,062 + 137 -1,586 TOTAL ASSETS (2,095) 139,470 + 736 +8,488 L I A B I L I T I ES Federal Reserve notes 94,380 + 574 +8,690 Deposits: Member bank-reserves account 30,395 + 851 +3,439 U.S. Treasury-general account 2,398 -2,160 -2,548 Foreign 454 + 235 + 129 Other 4/ 658 + 39 -1,338 Total deposits 33,905 -1,035 - 318 Deferred availability cash items (2,095) 7,003 +1,036 - 549 Other liabilities and accrued dividends 1,488 + 52 + 496 TOTAL LIABILITIES (2,095) 136,776 + 627 +8,319 C A P I T AL ACCOUNTS. Capital paid in 1,053 —— + 54 Surplus 1,029 — + 46 Other capital accounts 612 + 109 + 69 * Figures in parentheses are the eliminations made in the consolidating process. ** Estimated (New York, Cleveland and Richmond 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 $377 million was outstanding at the end of the latest statement week. 2/ Net of $1,655 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $210 million securities loaned— fully secured by U.S. Government securities. 2/ 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 LOAWS AND SECURITIES, M*y 31> 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 1,120 274 2,956 -1,682 168 + 93 16 days to 90 days 47 20,129 - 209 105 - 95 91 days to 1 year 29,416 +1,213 1,347 +189 Over 1 year to 5 years 29,687 - 31 3,817 -144 Over 5 years to 10 years 11,760 — 1,637 - 17 Over 10 year8 8,878 — 847 -- Total 1,167 274 102,826 709 7,921 + 26 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 31, 1978 New Fhila- Cleve- Rich St. Minne- Kansas San Total Boston York * delohia land *1 mond* Atlanta Chicaeo 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 291 18 23 13 40 26 25 21 20 10 45 14 36 Loans 1,167 54 27 272 36 181 37 102 133 32 62 130 101 Acceptances: Bought outright — -- — -- — -- — -- — -- — -- -- Held under repurchase agreements 274 -- 274 -- -- — -- -- -- -- -. -- -- 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 \j 26 -- 26 -- — -- -- -- -- — -- -- -. U.S. Government securities: Bought outright— Bills 39,673 1,846 9,651 1,987 3,302 3,249 1,794 6,327 1,619 952 1,626 2,060 5,260 Certificates -- -- -- — — — -- — -- — -- — -- Note 8 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 outrigjbt 2/ 102,395 4,765 24,909 5,128 8,522 8,384 4,632 16,330 4,181 2,457 4,196 5,316 13,575 Held under repurchase agreements 1/ 431 -- 431 -- — — -- -- -- -- -- »_ ... Total U.S. Government securities 102,826 4,765 25,340 5,128 8,522 8,384 4,632 16,330 4,181 2,457 4,196 5,316 13,575 Total loans and securities 112,188 5,186 27,588 5,796 9,215 9,212 5,026 17,691 4,636 2,678 4,581 5,856 14,723 Cash items in process of collection 13,668 438 1,848 270 816 2,149 1,880 1,584 568 713 1,144 852 1,406 Bank premises 388 106 10 56 23 79 16 16 13 29 19 12 9 Other assets 3/ 2,062 1 87 415 86 138 148 175 234 86 47 105 105 436 Interdistrict settlement account -0- - 293 4-2,929 - 548 - 741 - 181 - 286 - 245 - 139 - 235 + 80 - 270 71 TOTAL 141,565 6,164 36,579 6,345 10,519 12,520 7,418 21,262 5,703 3,498 6,443 7,126 17,988 * Estimated (New York, Cleveland and Richmond Districts). 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 $377 million was outstanding at the end of the latest statement week. 2/ Net of $1,655 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $210 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 31, 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 94,380 4,940 24,072 4,964 7,970 8,523 3,590 15,656 4,052 1,911 3,737 4,217 10,748 Deposits: Member bank reserves 30,395 655 9,751 824 1,647 1,459 1,992 3,796 917 754 1,383 1,841 5,376 U.S. Treasury—general account 2,398 103 669 144 253 206 140 161 142 115 162 180 123 Foreign 454 8 1/ 250 12 23 15 21 42 8 8 12 16 39' Other 2/ 658 1 537 2 1 20 63 4 3 2 1 7 17 TToottaall ddeeppoossiittss 33,905 767 11,207 982 1,924 1,700 2,216 4,003 1,070 879 1,558 2,044 5,555 DDeeffeerrrreedd aavvaaiillaabbiilliittyy ccaasshh iitteemmss 9,098 i 303 323 218 291 2,037 1,356 992 441 599 986 644 908 Other liabilities and accrued dividends 1,488 61 293 61 106 102 73 194 50 31 48 70 399 TOTAL LIABILITIES 138,871 6,071 35,895 6,225 10,291 12,362 7,235 20,845 5,613 3,420 6,329 6,975 17,610 CAPITAL ACCOUNTS Capital paid in 1,053 32 276 44 90 55 79 161 33 32 45 60 146 Surplus 1,029 32 267 44 87 55 78 157 32 31 43 58 145 Other capital accounts 612 29 141 32 51 48 26 99 25 15 26 33 87 TOTAL LIABILITIES AND CAPITAL ACCOUNTS i 141,565 6,164 36,579 6,345 10,519 12,520 7,418 21,262 5,703 3,498 6,443 7,126 17,988 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 105,008 5,669 25,778 5,463 8,514 9,105 4,605 17,100 4,493 2,261 4,447 5,209 12,364 Collateral for F.R. notes: 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 Eligible paper 1,107 25 271 36 172 29 98 104 32 60 126 100 33// 5544 U.S. Government securities 90,933 --''44,,999933 21,987 4,520 7,450 7,846 3,994 15,041 3,870 1,973 3,918 4,526 10,815 Total collateral 105,008 5,669 25,778 5,463 8,514 9,105 4,605 17,100 4,493 2,261 4,447 5,209 12,364 1/ After deducting $204 million participations of other Federal Reserve Banks. 1/ Includes $13 million of certain deposits of fcreign=owned banking institutions voluntarily held with member banks and redeposited in full with Federal Reserve Banks. y Includes securities borrowed from other Reserve Banks, Estimated (New York, Cleveland and Richmond Districts). 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis