H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE These data are scheduled for release each Thursday. The exact time of each release will be announced, when the information is available, on (202) 452-3206. May 11, 2000 H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks Millions of dollars Averages of daily figures Reserve balances of depository institutions at Week ended Change from week ended Wednesday F.R. Banks, Reserve Bank credit, and related items May 10, 2000 May 3, 2000 May 12, 1999 May 10, 2000 Reserve Bank Credit 560,586 - 7,952 + 46,128 558,158 U.S. government securities (1) Bought outright-system account (2,3) 507,745 + 1,095 + 33,341 508,459 Held under repurchase agreements 0 0 - 1,962 0 Federal agency obligations (1) Bought outright 140 0 - 171 140 Held under repurchase agreements 0 0 - 3,466 0 Repurchase agreements — triparty (4) 17,093 - 9,406 + 17,093 14,175 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 63 - 94 + 60 45 Seasonal credit 216 + 37 + 134 234 Extended credit 0 0 0 0 Float 586 + 368 - 335 233 Other F.R. assets 34,744 + 49 + 1,434 34,872 Gold stock 11,048 0 - 1 11,048 Special drawing rights certificate account 5,200 0 - 3,000 5,200 Treasury currency outstanding 28,673 + 14 + 1,887 28,673 Total factors supplying reserve funds 605,508 - 7,938 + 45,014 603,080 Currency in circulation* 564,197 + 290 + 41,782 565,557 Reverse repurchase agreements — triparty (4) 0 0 0 0 Treasury cash holdings* 205 + 2 + 58 205 Deposits, other than reserve balances, with F.R. Banks Treasury 9,068 - 5,371 + 3,761 9,769 Foreign 86 - 41 - 95 72 Service-related balances and adjustments (5) 6,979 + 174 - 35 6,979 Other 261 - 7 - 28 263 Other F.R. liabilities and capital 18,116 - 506 + 909 14,986 Total factors, other than reserve balances, absorbing reserve funds 598,912 - 5,458 + 46,352 597,831 Reserve balances with F.R. Banks (6) 6,596 - 2,480 - 1,337 5,249 On May 10, 2000, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve Banks for foreign official and international accounts was $ 705,053 million, a change of $ - 5,925 million for the week. The total includes $ 619,151 million of U.S. government securities and $ 85,902 million of federal agency securities. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Face value of the securities. 2 Net of $ 16,072 million (daily average over statement week) and $ 15,364 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 16,072 million (daily average) and $ 15,364 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 1,097 million (daily average) and $ 1,321 million (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities. 3 Includes $ 5,792 million of inflation-indexed securities valued at the original face amount and $ 296 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 5 Consists of required clearing balances of $ 6,484 million and adjustments of $ 495 million to compensate for float. 6 Excludes required clearing balances and adjustments to compensate for float. * Estimated (Treasury’s figures). Components may not add to totals due to rounding.

H.4.1(a) Consolidated Statement of Condition of all Federal Reserve Banks Millions of dollars Change Since Eliminations from Consolidation Wednesday Wednesday Wednesday May 10, 2000 May 3, 2000 May 12, 1999 ASSETS Gold certificate account 11,048 0 - 1 Special drawing rights certificate account 5,200 0 - 3,000 Coin 572 + 19 + 165 Loans 280 + 22 + 199 Acceptances 0 0 0 Repurchase agreements — triparty (1) 14,175 - 18,340 + 14,175 Federal agency obligations (2) Bought outright 140 0 - 171 Held under repurchase agreements 0 0 - 3,136 U.S. government securities (2) Bought outright—Bills 201,653 + 1,311 + 3,024 Notes (3) 221,038 + 8 + 18,944 Bonds (4) 85,768 + 3 + 10,576 Total bought outright (5) 508,459 + 1,322 + 32,545 Held under repurchase agreements 0 0 - 1,463 Total U.S. government securities 508,459 + 1,322 + 31,082 Total loans and securities 523,053 - 16,997 + 42,148 Items in process of collection (998) 8,382 + 272 + 50 Bank premises 1,394 + 1 + 83 Other assets (6) 33,422 + 289 + 1,116 TOTAL ASSETS (998) 583,072 - 16,416 + 40,561 LIABILITIES Federal Reserve notes 537,660 + 572 + 39,994 Reverse repurchase agreements — triparty (1) 0 0 0 Deposits Depository institutions 12,863 - 14,753 - 2,852 U.S. Treasury—general account 9,769 + 1,742 + 5,674 Foreign—official accounts 72 + 1 - 106 Other (0) 263 0 - 19 Total deposits (0) 22,967 - 13,011 + 2,696 Deferred availability cash items (998) 7,459 - 697 + 88 Other liabilities and accrued dividends (7) 4,813 - 5 + 486 TOTAL LIABILITIES (998) 572,899 - 13,141 + 43,265 CAPITAL ACCOUNTS Capital paid in 6,765 + 10 + 561 Surplus 2,566 - 3,717 - 3,386 Other capital accounts 842 + 432 + 121 1 Cash value of agreements arranged through third-party custodial banks. 2 Face value of the securities. 3 Includes $ 4,254 million of inflation-indexed securities valued at the original face amount and $ 229 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 1,538 million of inflation-indexed securities valued at the original face amount and $ 67 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 15,364 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 1,321 million that are fully collateralized by other U.S. government securities. 6 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. 7 Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. Maturity Distribution of Loans and Securities, May 10, 2000 Millions of dollars U.S. government Federal agency Reverse Repurchase securities (1,2) obligations(2) Repurchase Loans Agreements— Weekly Weekly Agreements— Holdings changes Holdings changes Triparty (3) Triparty (3) Within 15 days 96 19,237 + 1,891 0 0 12,035 0 16 days to 90 days 184 106,000 - 1,052 0 0 2,140 0 91 days to 1 year 0 138,345 + 471 10 0 ——— ——— Over 1 year to 5 years ——— 124,340 + 2 10 0 ——— ——— Over 5 years to 10 years ——— 52,397 + 6 120 0 ——— ——— Over 10 years ——— 68,140 + 3 0 0 ——— ——— Total 280 508,459 + 1,322 140 0 14,175 0 1 Includes $ 5,792 million of inflation-indexed securities valued at the original face amount and $ 296 million of compensation that adjusts for the effects of inflation on the principal of such securities. 2 Includes face value of securities held under repurchase agreements classified by the remaining maturity of the agreements. 3 Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of the agreements. Components may not add to totals due to rounding.

H.4.1 (b) Statement of Condition of Each Federal Reserve Bank on May 10, 2000 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco ASSETS Gold certificate account 11,04 8 53 5 4,43 0 41 4 52 0 75 0 80 2 1,06 4 35 9 15 8 34 0 51 4 1,162 Special drawing rights certif. acct. 5,20 0 27 1 2,06 5 19 6 24 6 34 6 39 3 50 2 16 7 7 2 15 6 23 2 554 Coin 57 2 2 2 3 7 2 1 3 0 7 7 6 6 6 9 3 7 3 2 5 1 6 5 66 Loans 28 0 0 0 0 0 2 2 5 6 2 5 1 5 8 4 9 1 32 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements — triparty (1) 14,17 5 0 14,17 5 0 0 0 0 0 0 0 0 0 0 Federal agency obligations (2) Bought outright 14 0 8 5 4 6 8 8 9 1 7 5 1 5 4 15 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 U.S. government securities (2) Bought outright— Bills 201,65 3 11,57 7 77,83 8 8,39 9 11,28 5 11,83 7 13,42 3 24,12 1 7,66 0 84 9 6,72 0 5,96 6 21,978 Notes (3) 221,03 8 12,68 9 85,32 1 9,20 6 12,37 0 12,97 5 14,71 3 26,43 9 8,39 7 93 1 7,36 6 6,54 0 24,091 Bonds (4) 85,76 8 4,92 4 33,10 7 3,57 2 4,80 0 5,03 5 5,70 9 10,25 9 3,25 8 36 1 2,85 8 2,53 8 9,348 Total bought outright (5) 508,45 9 29,19 0 196,26 6 21,17 8 28,45 4 29,84 8 33,84 4 60,81 9 19,31 5 2,14 0 16,94 4 15,04 4 55,417 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 508,45 9 29,19 0 196,26 6 21,17 8 28,45 4 29,84 8 33,84 4 60,81 9 19,31 5 2,14 0 16,94 4 15,04 4 55,417 Total loans and securities 523,05 3 29,19 8 210,49 5 21,18 3 28,46 2 29,87 8 33,85 9 60,89 8 19,37 1 2,19 9 16,99 8 15,04 9 55,464 Items in process of collection 9,38 0 46 2 1,06 9 41 9 34 4 68 5 96 2 1,08 0 38 6 59 6 51 4 42 2 2,440 Bank premises 1,39 4 9 4 16 3 5 0 15 7 12 4 18 1 10 6 3 3 12 7 5 0 14 5 164 Other assets (6) 33,42 2 1,60 3 11,20 5 1,14 9 1,98 8 5,03 9 2,20 7 3,25 8 99 5 66 1 97 3 1,02 7 3,318 Interdistrict settlement account 0 + 1,10 5 +12,92 2 - 97 2 + 2,04 3 - 15 9 + 3 5 - 3,72 7 - 97 0 - 1,03 4 - 1,44 8 - 5,41 7 - 2,378 TOTAL ASSETS 584,07 0 33,28 9 242,38 8 22,46 1 33,79 0 36,74 0 38,50 4 63,25 0 20,37 8 2,81 0 17,63 3 12,03 7 60,790 1 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 2 Face value of the securities. 3 Includes $ 4,254 million of inflation-indexed securities valued at the original face amount and $ 229 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 1,538 million of inflation-indexed securities valued at the original face amount and $ 67 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 15,364 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 1,321 million that are fully collateralized by other U.S. government securities. 6 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Components may not add to totals due to rounding.

H.4.1 (c) Statement of Condition of Each Federal Reserve Bank on May 10, 2000 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco LIABILITIES Federal Reserve notes 537,66 0 31,32 3 225,33 7 21,16 7 31,07 9 30,79 2 35,57 2 59,61 8 19,22 9 1,43 9 16,30 4 10,67 1 55,130 Reverse repurchase agreements—triparty (1 ) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 12,86 3 74 9 1,89 8 40 2 1,40 1 2,58 4 96 7 1,34 1 37 1 43 8 49 8 53 0 1,685 U.S. Treasury—general account 9,76 9 0 9,76 9 0 0 0 0 0 0 0 0 0 0 Foreign—official accounts 7 2 1 4 8 1 2 8 2 3 1 1 1 1 3 Other 26 3 1 14 2 0 8 10 5 1 1 0 0 1 1 2 Total deposits 22,96 7 75 1 11,85 7 40 3 1,41 1 2,69 7 97 0 1,34 5 37 2 43 9 50 1 53 1 1,690 Deferred credit items 8,45 7 49 0 1,07 3 36 5 35 9 63 8 87 7 78 0 32 8 48 3 36 8 33 3 2,363 Other liabilities and accrued dividends (2) 4,81 3 28 1 1,65 6 21 4 28 0 34 6 35 8 54 9 20 0 7 0 18 5 17 4 500 TOTAL LIABILITIES 573,89 7 32,84 6 239,92 3 22,15 0 33,12 9 34,47 3 37,77 6 62,29 2 20,12 9 2,43 1 17,35 8 11,70 8 59,683 CAPITAL ACCOUNTS Capital paid in 6,76 5 29 0 1,49 2 20 2 44 4 1,67 5 48 3 61 6 16 0 27 2 18 1 21 8 732 Surplus 2,56 6 12 0 55 2 8 3 18 5 59 2 19 2 24 1 6 6 9 8 7 5 8 8 275 Other capital accounts 84 2 3 3 42 0 2 6 3 2 0 5 3 10 1 2 3 1 0 2 1 2 3 100 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 584,07 0 33,28 9 242,38 8 22,46 1 33,79 0 36,74 0 38,50 4 63,25 0 20,37 8 2,81 0 17,63 3 12,03 7 60,790 FEDERAL RESERVE AGENTS’ ACCOUNTS F.R. notes outstanding 781,39 4 39,90 2 312,88 8 30,73 2 38,91 5 50,66 3 59,73 0 73,60 2 24,79 6 10,49 8 22,92 7 34,41 2 82,330 Less—Held by F.R. Banks 243,73 4 8,57 9 87,55 1 9,56 5 7,83 6 19,87 2 24,15 8 13,98 4 5,56 8 9,05 8 6,62 3 23,74 1 27,200 F.R. notes, net 537,66 0 31,32 3 225,33 7 21,16 7 31,07 9 30,79 2 35,57 2 59,61 8 19,22 9 1,43 9 16,30 4 10,67 1 55,130 Collateral held against F.R. notes Gold certificate account 11,048 Special drawing rights certificate account 5,200 Other eligible assets 0 U.S. govt. and agency securities (3) 521,412 Total collateral 537,660 1 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and agency securities. 2 Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. 3 U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount. Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities pledged under reverse repurchase agreements. Components may not add to totals due to rounding.