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 18, 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 17, 2000 May 10, 2000 May 19, 1999 May 17, 2000 Reserve Bank Credit 556,399 - 4,194 + 37,455 553,919 U.S. government securities (1) Bought outright-system account (2,3) 508,353 + 608 + 32,174 507,916 Held under repurchase agreements 0 0 - 4,079 0 Federal agency obligations (1) Bought outright 140 0 - 171 140 Held under repurchase agreements 0 0 - 5,160 0 Repurchase agreements — triparty (4) 14,323 - 2,770 + 14,323 14,620 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 66 + 3 + 33 146 Seasonal credit 260 + 44 + 173 285 Extended credit 0 0 0 0 Float -354 - 947 - 655 -1,083 Other F.R. assets 33,612 - 1,132 + 818 31,895 Gold stock 11,048 0 - 1 11,048 Special drawing rights certificate account 5,200 0 - 3,000 5,200 Treasury currency outstanding 28,857 + 14 + 2,041 28,857 Total factors supplying reserve funds 601,505 - 4,179 + 36,497 599,025 Currency in circulation* 564,719 + 353 + 41,596 565,344 Reverse repurchase agreements — triparty (4) 0 0 0 0 Treasury cash holdings* 205 0 + 58 207 Deposits, other than reserve balances, with F.R. Banks Treasury 5,424 - 3,644 + 267 4,923 Foreign 121 + 35 - 74 126 Service-related balances and adjustments (5) 6,859 - 110 + 80 6,859 Other 254 - 7 - 39 260 Other F.R. liabilities and capital 15,291 - 2,825 - 2,180 15,009 Total factors, other than reserve balances, absorbing reserve funds 592,873 - 6,198 + 39,708 592,728 Reserve balances with F.R. Banks (6) 8,631 + 2,018 - 3,212 6,297 On May 17, 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 $ 707,423 million, a change of $ + 2,370 million for the week. The total includes $ 623,359 million of U.S. government securities and $ 84,063 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 $ 15,927 million (daily average over statement week) and $ 16,445 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 15,927 million (daily average) and $ 16,445 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 2,709 million (daily average) and $ 4,177 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 $ 308 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 $ 6,474 million and adjustments of $ 385 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 17, 2000 May 10, 2000 May 19, 1999 ASSETS Gold certificate account 11,048 0 0 Special drawing rights certificate account 5,200 0 - 3,000 Coin 588 + 16 + 182 Loans 431 + 151 + 330 Acceptances 0 0 0 Repurchase agreements — triparty (1) 14,620 + 445 + 14,620 Federal agency obligations (2) Bought outright 140 0 - 171 Held under repurchase agreements 0 0 - 5,648 U.S. government securities (2) Bought outright—Bills 200,571 - 1,082 + 3,930 Notes (3) 222,560 + 1,522 + 18,595 Bonds (4) 84,785 - 983 + 8,056 Total bought outright (5) 507,916 - 543 + 30,581 Held under repurchase agreements 0 0 - 4,785 Total U.S. government securities 507,916 - 543 + 25,796 Total loans and securities 523,107 + 54 + 34,928 Items in process of collection (1,065) 7,866 - 516 - 175 Bank premises 1,395 + 1 + 80 Other assets (6) 30,561 - 2,861 + 631 TOTAL ASSETS (1,065) 579,766 - 3,306 + 32,648 LIABILITIES Federal Reserve notes 537,283 - 377 + 39,419 Reverse repurchase agreements — triparty (1) 0 0 0 Deposits Depository institutions 14,563 + 1,700 - 4,766 U.S. Treasury—general account 4,923 - 4,846 + 140 Foreign—official accounts 126 + 54 - 62 Other (-1) 260 - 3 - 45 Total deposits (-1) 19,872 - 3,095 - 4,733 Deferred availability cash items (1,066) 7,602 + 143 + 197 Other liabilities and accrued dividends (7) 4,744 - 69 + 426 TOTAL LIABILITIES (1,065) 569,500 - 3,399 + 35,309 CAPITAL ACCOUNTS Capital paid in 6,765 0 + 552 Surplus 2,594 + 28 - 3,358 Other capital accounts 906 + 64 + 144 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 $ 237 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 $ 70 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 16,445 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 4,177 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 17, 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 404 17,492 - 1,745 0 0 8,470 0 16 days to 90 days 27 105,363 - 637 0 0 6,150 0 91 days to 1 year 0 138,892 + 547 10 0 ——— ——— Over 1 year to 5 years ——— 125,253 + 913 10 0 ——— ——— Over 5 years to 10 years ——— 53,422 + 1,025 120 0 ——— ——— Over 10 years ——— 67,494 - 646 0 0 ——— ——— Total 431 507,916 - 543 140 0 14,620 0 1 Includes $ 5,792 million of inflation-indexed securities valued at the original face amount and $ 308 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 17, 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 58 8 2 2 4 1 2 8 3 4 8 0 7 0 6 7 3 6 3 3 5 0 6 2 65 Loans 43 1 5 8 0 0 0 7 9 5 6 3 6 4 5 1 9 7 41 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements — triparty (1) 14,62 0 0 14,62 0 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 200,57 1 11,51 4 77,42 1 8,35 4 11,22 4 11,77 4 13,35 1 23,99 1 7,61 9 84 4 6,68 4 5,93 4 21,860 Notes (3) 222,56 0 12,77 7 85,90 9 9,27 0 12,45 5 13,06 5 14,81 4 26,62 2 8,45 4 93 7 7,41 7 6,58 5 24,257 Bonds (4) 84,78 5 4,86 7 32,72 7 3,53 1 4,74 5 4,97 7 5,64 3 10,14 1 3,22 1 35 7 2,82 5 2,50 9 9,241 Total bought outright (5) 507,91 6 29,15 9 196,05 7 21,15 5 28,42 4 29,81 6 33,80 8 60,75 4 19,29 4 2,13 8 16,92 6 15,02 8 55,357 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 507,91 6 29,15 9 196,05 7 21,15 5 28,42 4 29,81 6 33,80 8 60,75 4 19,29 4 2,13 8 16,92 6 15,02 8 55,357 Total loans and securities 523,10 7 29,17 2 210,73 8 21,16 1 28,43 1 29,82 4 33,82 5 60,86 6 19,36 2 2,20 3 16,98 2 15,12 9 55,414 Items in process of collection 8,93 1 64 5 1,19 5 42 3 31 7 54 0 91 3 86 6 51 4 56 3 50 3 25 3 2,200 Bank premises 1,39 5 9 4 16 3 5 0 15 7 12 4 18 2 10 5 3 3 12 7 5 0 14 5 165 Other assets (6) 30,56 1 1,51 5 10,09 2 1,02 7 1,82 2 4,86 6 2,00 0 2,90 6 88 5 64 5 87 4 93 4 2,995 Interdistrict settlement account 0 + 1,39 0 +10,34 2 - 83 6 + 2,07 4 - 88 5 + 10 1 - 2,19 6 - 89 7 - 82 1 - 1,04 9 - 4,77 4 - 2,450 TOTAL ASSETS 580,83 1 33,64 4 239,06 7 22,46 3 33,60 1 35,64 4 38,28 5 64,18 1 20,46 0 2,98 0 17,90 5 12,49 6 60,104 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 $ 237 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 $ 70 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 16,445 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 4,177 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 17, 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 537,28 3 31,35 4 226,18 5 21,12 7 31,07 1 30,96 4 35,07 2 59,50 7 19,12 4 1,44 1 16,26 1 10,59 6 54,580 Reverse repurchase agreements—triparty (1 ) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 14,56 3 93 0 2,49 8 43 2 1,10 3 1,24 5 1,18 6 2,52 5 50 5 56 9 80 3 1,04 8 1,718 U.S. Treasury—general account 4,92 3 0 4,92 3 0 0 0 0 0 0 0 0 0 0 Foreign—official accounts 12 6 1 10 2 1 2 8 2 3 1 1 1 1 3 Other 25 9 1 14 1 0 8 10 0 3 0 0 0 2 0 1 Total deposits 19,87 1 93 3 7,66 4 43 4 1,11 4 1,35 3 1,19 1 2,52 8 50 6 57 1 80 6 1,04 9 1,723 Deferred credit items 8,66 8 63 6 1,11 1 37 9 47 4 69 1 93 1 64 8 38 0 51 7 37 8 35 2 2,170 Other liabilities and accrued dividends (2) 4,74 4 27 7 1,63 7 21 1 27 4 34 2 35 4 54 0 19 6 6 9 18 1 17 0 492 TOTAL LIABILITIES 570,56 5 33,20 1 236,59 8 22,15 0 32,93 2 33,35 0 37,54 8 63,22 4 20,20 6 2,59 8 17,62 6 12,16 8 58,964 CAPITAL ACCOUNTS Capital paid in 6,76 5 29 0 1,49 2 20 2 45 0 1,67 5 48 4 60 9 16 1 27 2 18 1 21 8 732 Surplus 2,59 4 12 0 55 2 8 3 18 5 61 9 19 2 24 1 6 6 9 8 7 5 8 8 275 Other capital accounts 90 6 3 4 42 4 2 8 3 3 0 6 2 10 8 2 7 1 1 2 3 2 3 133 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 580,83 1 33,64 4 239,06 7 22,46 3 33,60 1 35,64 4 38,28 5 64,18 1 20,46 0 2,98 0 17,90 5 12,49 6 60,104 FEDERAL RESERVE AGENTS’ ACCOUNTS F.R. notes outstanding 780,42 0 39,81 5 313,20 1 30,76 2 38,86 7 50,62 5 59,40 1 73,52 2 24,74 0 10,45 9 22,86 6 34,26 2 81,898 Less—Held by F.R. Banks 243,13 7 8,46 1 87,01 6 9,63 6 7,79 6 19,66 2 24,32 9 14,01 5 5,61 5 9,01 8 6,60 5 23,66 6 27,319 F.R. notes, net 537,28 3 31,35 4 226,18 5 21,12 7 31,07 1 30,96 4 35,07 2 59,50 7 19,12 4 1,44 1 16,26 1 10,59 6 54,580 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) 521,034 Total collateral 537,283 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.