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FEDERAL
RESERVE
BANK OF
ATLA-A
1988 ANNUAL REPORT




Contents

1

Message &omthe President

2

Highlights

6
Directors

8

Officers

10

Statement of Condition

Statement of Earnings and Expenses

12

summary of operations

FEDERAERESERVEBANKOFATLANTA

Message f'rorn the President

February 10,1989

Report ofthe Federal Reserve Bank ofAtlantapresents highlights
This
of 1988 accomplishmentsfor the Bank's four divisions and the consolidatedfiancial
statements of the Atlanta, Birmingham, Jacksonville, Miami,Nashville, and New
Orleans branches. Names of the officers and directors who served the Federal
Reserve System's Sixth District during the last year are listed as well.
On December 23,1988,75years after the signing of the Federal Reserve Act, the
Fed embarked on a year-long observation of its diamond anniversary. In lieu of our
usual essay on the economic prospects for the coming year, later in 1989 we will
publish a history of the Atlanta Fed as part of a Variety of commemorative activities
planned by the 12 Reserve Banks and the Board of Governors. This publicationwill
be a retrospective look at how the Federal Reserve Bank of Atlanta has evolved during its 75 years to meet the changing needs of the Southeast and the nation. Read
together, the Annual Report and the history should provide a comprehensiveview of
the Bank's position during this special year.
I would like to thank the directors of the Sixth District for the immeasurable
input that they provided throughout the year. In particular, my special thanks go to
Bernard F. Sliger,who in 1988 completed six years of service as a head office director, and Bennett A. Brown, who last year concluded three years of service as a member of the Federal AdvisoG Council.

%

Robert P. Forrestal
President and Chief Executive Officer




FEDERALRESERVE BANKOFA-A

6th District
Highlights
Finandal Services
Volume and Prices. The
volume of most financial services
provided by the Atlanta Fed continued to grow in 1988, and Sixth
District prices for these services
remain among the lowest in the
Federal Reserve System. The Sixth
District processed 2.5 billion
checks, Edlr more than any other
Reserve Bank and about 3 percent
more than the District processed
in 1987. In the electronic payments area, wire transfer originations grew 8.7 percent, and total

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. . .

commercial automated clearinghouse (ACH) volume increased
about 29 percent fiom 1987 to
1988. In securities services, bookentry transfer volume increased
10.7 percent. Dehitive and noncash volumes declined by 33.6 and
4.1 percent, respectively. These
decreases resulted primarily fiom
the loss of holdings h m a major
custodial account. In addition, continued decreases were expected
since the issuance of new bearer
securities has been eliminated.
In 1989, with continued volume
growth and cost-effective operations, the District will be able to
maintain most prices at 1988
levels. However, selected price
increases have been implemented
for securities, funds transfer,and
nonautomated ACH services.
Expedited Funds Availability.
To prepare financial institutions
for the implementation of the
Expedited Funds Availability Act
(EFA), the Atlanta Bank conducted
two series of seminars during the
first half of 1988. The initial
seminars, in which approximately
1,200 firms participated, were
conducted in January shortly after
the financial institutions received

FEDERAERESERVE BANKOFA-A

the draft of Regulation CC, which
would implement EFA The second
round of seminars took place in
June immediately following the
distribution of Regulation CC in its
final form.Approximately 1,900
-,
financialinstitutions sent representatives to the June meetings.
EFA alTected the structure of
the Bank‘s check processing fees,
resulting in the unbundling of
return-item costs fiom forward
collection fees. Generally, the forward collection check-processing
fees decreased by one-tenth of a
cent. The return-item fees range
fiom 2.8 cents for a city return
item qualified for high-speed processing to 60 cents for a “raw,”
other-Fed item.
In addition, EFA required several
changes in the Bank‘s check and
return-item operations. The Expedited Funds Availability Act
requires the Federal Reserve to
handle any return item regardless
of its forward collection stream,
and, in consequence, the Bank
experienced a 23 percent increase
in return-item volume. To speed
handling of returns, each Sixth Dis‘
trict branch added a night processing shift to its return-items opera~

-.

tions. In all, about 60 people have
been added to the District’s
return-item operations sw.New
computer software was also developed to allow the processing of
return items on the high-speed
check equipment. Additional
equipment-including sorters,
microfilmers, strippers, and
terminals-has been purchased to
handle the increased volume and
to meet the return-item processing
deadlines that the regulation
requires.
Fedline 11. Also in 1988 the
Sixth District helped develop and
began implementing Fedline 11.
This personal computer software
program created by the Federal
Reserve System provides depository institutions with access to
multiple Federal Reserve on-line
services. Funds transfer services
were available through Fedline 11
early in the year. The District
began offering large-dollar,returnitem notification; Treasury tax and
loan; Treasury tender ordering; and
cash ordering services through
Fedline I1 in the last half of 1988.
The access product has proved
popular with existing and new
customers as evidenced by a backlog of orders to install the necessaryhardware and software for
using Fedline 11. Additional
services-including automated
clearinghouse (ACH) and securities transfers (SHARE)-will be
offered through Fedline I1 in 1989.

High-speedSavings Bond
Program.In June 1988 the Sixth
District began participating in the
System’s pilot program to collect
redeemed savings bonds through



the existing check-collection system. AU savings bonds receive
immediate credit when deposited
by the appropriate deadline. Each
Sixth District branch initiated the
program with at least six to ten
participating depository institutions.Citing cost reductions
kom decreased handling, increased funds availability, and
expedited receipt of redemption
fees as the program’s major
benefits, the depository institutions are enthusiastic about the
program.
As of October 1, 1988, Treasury
guidelines were approved for voluntary participation in the highspeed bond program by all authorized savings bond paying agents.
Regulation J was updated to
classify savings bonds deposited in
cash letters as “cash items.” After
only three months of participation
in the program, the Sixth District
offices were processing approximately 13O,OOO, or 10 percent, of
the high-speed bonds processed
Systemwide firom 35 participating
depository institutions (7 percent
of those eligible).

ination by the city‘s hancial
institutions fueled a congressional
effort to amend the Community
Reinvestment Act. The Bank‘s
Community Affaits section, in
cooperation with the Board of
Governors,analyzed the validity of
the articles and is endeavoring to
educate and inform bankers and
local groups on successful and
profitable community and
economic development programs.
International.Heightened
supervisory efforts have become
necessary in the international
arena because of the increased size
and complexity of foreign banking

11985

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1987

I

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b

5

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15

Supervision and
Regulation
Consumer and Community
Af3X.r~.The scope of consumer
afbirs examinations broadened
sigMcantly in 1988 to include
compliance with Regulation CC,
which implemented the Expedited
Funds Availability Act.
The publication of a series of
articles by Atlanta’s major daily
newspaper alleging racial discrim-

FEDE-RESERVE

BANKOFA-TA

agencies in the Sixth District; the
portfolios of a number of agencies
expanded dramatically during the
year. The Bank‘s international
examination staff is now also
routinely conducting independent
examinations of Florida agencies.
Expanded use of AutQmation.
The Supervision and Regulation

Division’s automated communications network was broadened in
1988 to allow electronic document interchange with the Board
of Governors and the Georgia State
Banking Department. Also, Federal
Reserve examiners located at the
Fed‘s Miami branch now have full
access to the Division’s automation
capabilities. Expanded management information systems and offsite smallan
’
ce are two tools
used, in addition to on-site inspection, in supervising sixth District
banking institutions.
Discount and Credit. The Discount function serves all eligible
District financial institutionsincluding commercial banks,
savings and loan associations,
credit unions, and U.S. branches
and agencies of foreign banks-as
a “lender of last resort.’7Aside
h m supplying seasonal and shortterm adjustment credit, Bank staff
worked with other regulatory
agencies to resolve the problems
of a number of failing institutions.
A major initiative during 1988
was issuing a revised Operating
Circular No. 3, Advances and Discounts, to all District depository




and Regionul Update, in 1988.
pamphlets, Check?wokZet and
H i r n - l b n : Don’t Get Conned Out
Of Your Life Savings, were also
added to the Atlanta Fed‘s offering
of publications.
The Research and Public Infor‘
mation Departments held a conhence on challenges facing the
banking industryin the 1990s and, ,
along with the Division of Supervision and Regulation, co-sponsored
two conferences dealing with
,
community reinvestment. The
Research and Statistics
department also participated in
I
teacher workshops held by CounResearch. Through working
cils for Economic Education
papers, professional and system
around the District and hosted the 7
meetings, scholarly journals, and
first regional meeting for directors
the Bank‘sEconomiC Redezq, the
Atlanta Fed Research Division pre- of Centers for Economic Education in southeastern states. Consented significant policy-related
tinued efforts in fostering good
research on a variety of financial
press relations resulted in greater
and economic issues, including
public understanding of important
economic forecasting accuracy,
financial and economic issues,
labor force participation, and the
such as the Expedited Funds
impacts of new financial instruAvailability Act.
ments and strategies on financial
Statistical Reports. During
markets’ efficiency and volatility.
The Research Division also con- 1988, the Statistical Reports Department enhanced its automated
tinued presenting, with Emory
University, graduate-level seminars systems in order to utilize more
on finance and financial regulation fully the department’s existing
database. These improvements
topics. In addition, members of
should benefit users of the system,
the Research staff participated in
including Research Department
several community economic
economists
who incorporate the
development conferences sponsummary reports into their
sored by various state and federal
public agencies.
analyses.
Statistics’ staff conducted three
Public I&wmation. To proseminars,
for both Fed employees
vide more information to the
and reporting institutions, on the
public on current payments and
reporting requirements of fo
regulatory issues and matters of
institutions. In addition, the
regional economic concern, the
department implemented more
Atlanta Fed introduced two quarterly newsletters, Finuncial [Jpdate efficient means of tracking

institutions. The new circular,
which became effective March 31,
1988, incorporated all primary
lending documents and reflected
various technical changes in discount window administration, including the policy of extending
credit only on a demand basis.
The discount rate was changed
once in 1988, when it was increased h m 6 to 6.5 percent
on August 9.

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FEDERALRESERVEBANKOFATLANTA

hancial institution structure
changes. A plan to encourage
financial institutions to submit
their reports electronically also
began in 1988, with the focus on
the Reports of Condition.

which to exchange information
and ideas about business conditions in the Southeast.

Corporate and Community
Relations. The Atlanta Fed has

Human R e ~ ~ u r c eGreater
s.
demand for Federal Reserve Bank
services necessitated increased
statting throughout the Sixth District in 1988. Bank employee numbers are at their highest levels
since 1981. The most siccant
change in employment occurred
in the Financial Services Division
as a result of implementing the
provisions of the Expedited Funds
Availability Act and higher checkclearing volume. In December

continued its strong community
presence through such programs
as United Way and Adopt-a-School,
one aspect of which is working
with other hancial institutions
to motivate local high school students and to foster in them an
interest in business-related subjects. Also during 1988, Atlanta
Fed president Robert P. Forrestal
assumed the chairmanship of the
Georgia State University College of
Business Administration's Board of
Advisors, further reflecting the
Atlanta Fed's role as a leader in
the partnership between the local
business and academic communities.
Through its two Advisory Councils, the Fed keeps apprised of the
concerns of various sectors of the
southeastern region. The Atlanta
Fed's Distinguished Lecturer Series, which in 1988 brought to the
District such influential speakers
as JohnW. Crow, Governor of the
Bank of Canada, also offers the
bank's directors and business leaders a chance to hear and speak
with policymakers and opinion
leaders whose views affect the economic condition of the region and
the nation. In addition, President
Forrestal participates in Business
Leader Breaklists throughout the
District, giving both him and community leaders another forum in




Corporate Services

Bank. The building program provided more offices, renovated kitchen and cafeteria facilities, and a
conference and training center.
Space was also created to accommodate the handling and exchange
of an increasing volume of checks
between check couriers and Check
Collection operations. Renovations
to the Bank's physical plant will
continue over the next several
years to optimize use of the added
office space.
Financial Management. A
new, enhanced billing system used
to compute charges for priced services and other receivables fiom
depository institutions was implemented on December 1,1988.The

The lwnng Fed buildingprojectcnhnaced the head ofEce's meeting facilities.

~~

Atlanta District was the develop1988 full-time staff Districtwide
ment site for this program, which
stood at 2,185 employees and 71
officm, UP 8.3 percent and 4.3 per- six other Federal Reserve Districts
will begin to use in 1989. More
cent, respectively, &om a year
efficient handling of billing
earlier.
charges and improved service and
Atlanta Building Addition
statements of service charges are
Project. Construction was comsome benefits of this revised
pleted in November on a 58,000
system.
square-foot addition to the Atlanta

BOARD OF DIRECTORS
BRADLEYCURREY,JR.
CHAIRMAN
President
Rock-Tenn Company
Norcross, Georgia

P.W. GREEN
President and ChiefExecutive officer
American Cast Iron Pipe Company
Birmingham,-

BERNARD F. SLIGER
President
Florida State University
Tallahassee,Florida

EDWIN A. HUSTON
LARRY L PRINCE
DEPUIY CHAIRMAN
President and Chief Operating Officer
Genuine parts Company
Atlanta, Georgia

Senior Executive Vice President-Finance

MARY W. WALKER
Vice chairman
The National Bank of Walton County
Monroe, Georgia

Ryder w t e m Inc.
Miami,Florida

VIRGIL H. MOORE, JR.
chairmanand Chief Executive O@ca
First Farmers and Merchants National Bank
Columbia, Tennessee

GARY CHOUEST
president and Chief Executive officer
Edison Chouest Whore,Inc.
Galliano,Louisana

E.B. ROBINSON, JR.
Chahnan and Chief Executive officer
Deposit Guaranty National Bank
Jaclcson,Mississippi

MEMBER,

FEDERAL ADVISORY COUNCIL
BENNElT A. BROWN
chairmanand Chief Executive O@cer
The citizens and Southern Corporation
Atlanta,-rgia

BRANCH DIRECTORS
BIRMINGHAM
ROY D. TERRY
CHAlRMAN
President and Chief Executive Officer
‘IkryManuEaauring Company, Inc.
Roanoke. Alabama
HARRY B. BROCK, JR
Chairman and Chief Executive Officer
Central Bank of the South
Birmingham,Alabama

JOHN H. NEWMAN, JR.

AG. TRAMMELL

President and Chief Executive officer
The First National Bank of Scottsboro
Scottsboro,Alabama

Alabama Labor Council,AFL-CIO

NELDA P.STEPHENSON
President
Nelda Stephenson Chevrolet, Inc.
Florence, Alabama

MILTON WENDLAND
Owner
Autauga Fanning Company
Autaugaville, Alabama

President
Birmingham,-

WILLIAM F. CHILDRESS
President
First American Federal Savings
and Loan Association
Huntsville, Alabama

JACKSONVILLE
E. WILLIAM NASH, JR, C.LU.

CHAIRMAN
President, South-Central Operations
The Prudential Insurance Company of America
Jacksonville, Florida
ROBERT R DEISON
Chairman of the Board
Andrew Jackson State Savings
and Loan Association
Tallahassee,Florida



BUELL G. DUNCAN, JR.
chairman,President,
and Chief Executive m c e r
Sun Bank, N. A
Orlando, Florida
GEORGE W. GIBBS 111
President and Chief Executive O@cer
Atlantic Dry Dock Corporation
Fort George Island, Florida

FEDERALRESERVEBANK0FA-A

SAUNDRA H. GRAY
co-owner
Gemini Springs Farm
DeBary, Florida

WINNIE F. TAYLOR

. University

Professor
University of Florida
College of Law
G a i n d e , Florida

Ditectot

Florida Institute of Education
of North Florida
Jacksonville, Florida

A BRONSON THAYER
chairmanand Chief Executiw Officer
First Florida Banks, Inc.
Tampa,Florida

MIAMI
SUE McCOURT COBB

WILLIAM H. LOSNER

ROBERT M.TAYLOR

CHAIRMAN
Attorney
Greenberg, Traurig, Askew,Holhan,
Lipoff, Rosen, and Quentel, P.k
Miami, Florida

President and ChiefExecutive Officer
The First National Bank of Homestead
Homestead Florida

chairmanand Chief Executive m c e r
The Mariner Group, Inc.
Fort Myers, Florida

JAMES H. ROBINSON
President
Sun Bank/South Florida, N. A
Fort Lauderdale, Florida

FREDERICK A TEED
President
CommunitymFA
North palm Beach,Florida

ROBERT D. APELGREN
President
Apelgren Corporation
Pahokee,Florida

JOSE L SAUMAT
President
Kaulinan and Roberts, Inc.
Miami,Florida

CONDON S. BUSH

VICTORIA B. JACKSON

LAWRENCE A ROSEBERRY

CHAIRMAN

President
Diesel Sales and Service Co.,Inc.
Nashville, Tennessee

First National Bank and Trust Co.
Athens,Tennessee

President
Bush Brothers & Company
Dandridge, Tennessee

HERMANPOSTMA
DENNIS C. BO'ITORFF
chairmanand Chief Executive m c e r
S o m Financial Corporation/<Rntral South
* Nashville,
Tennezzsee

Senior Vice President
Martin Marietta Energy Systems, Inc.
Oak Ridge, Tennessee
JAMES A RAINEY

W.L CALL0WAY, JR.
c

Quality Lawn systems, Inc.

Sovran Financial Corporation/Central South
Nashville, Tennessee

PATSYRWILLIAMS
Partner
Rhyne Lumber Company
Newport, TennSHIRLEYA ZEITLIN
President
Shirley Zeitlin & Company Realtors
Nashville, Tennessee

Nashville, Tennessee

NEWORLEANS
SHARON A PERLIS

CHAIRMAN
President
Sharon k Per&

ROBERT S. GADDIS
President and Chief Executive Officer
Trustmark National Bank
Laurel,Mississippi

ROBERT M. SHOFSTAHL
President and Chief Executive OlXcer
Pelican Homestead and Savings Association
Metairie, Louisiana

JAMES A HEFNER
President
Jackson State University
Jackson, Mississippi

CAROLINE G. THEUS

(A Probsional Iaw Corporauon)

Metairie. Louisiana

ALAN R BARTON
President and Chief Executive Officer
Mississippi Wwer Company
Gulfport, Mississippi

President
Inglewood Land & Development Company
Alexandria, Louisiana

RONALD M. BOUDREAUX
President and Chief Executive OtBcer
First National Bank of St. Ian* parish
Opelousas, Louisiana



FEDERAL RESERVE BANKOF ATLAlVTA

OFFICERS
HEAD OFFICE
ROBERT P. FORRESTAL
president and ChiefExecutive OfBcer

JACK GUY"'
First Vice President and Chief operating OBicer

W. RONNIE -WELL*
Executive Vice President

SENIOR VICE PRESIDENTS
PATRlCK IC BARRON'
Senior Vice President

H. TERRY SMITH*
Senior Vice President

JOHN M. WALLACE'
Senior Vice President

HARRY C. SCHIERING"
Senior Vice president and General Auditor

SHEILA L TSCHINKEL'
Senior Vice President and Director of Research

**.kWsor to Management committee

* ~ t c o m m i m

VICE PRESIDENTS
HARRYBRANDT
Vice President and corporate secretary
FRANCIS J. CRAVEN, JR.
Vice president and
Director of Human Resources

ANNE M. DeBEER
Vice President

ROBERT E. HECK
Vice President

Vice President

JOHN D. PELICK
Vice President

JOHN R KERR
Vice President

EDMUNDWILLINGHAM
Vice President and General Counsel

B. FRANKKING
Vice President and
Assodate Director of Research

RONALD N. ZIMMERMAN
Vice President

ZANERKELLEY

RICHARD R OLIVER
Vice President and
System EFT Product Manager

ASSISTANT VICE PRESIDENTS
LOIS C. BERTHAUME
Examining OlEcer

BOBBIE H. McCRACKIN
Public Informaton m c e r

RONALD J. ROBINSON
Assistant Vice President

JOHN R BRANSCOMB
Assistant Vice President

NANCYR McCRUMMEN
Assistant Vice President

Research m c e r

CHRISTOPHER G. BROWN
Assistant Vice President

RUTH W. MEDNIKOW
Assistant Vice President

MELINDA J. RUSHING
Assistant Vice President

DAVID F. CARR
Assiitant Vice President

A l H N L P1LKI"ON
Assistant General Auditor

ROBERT T. SEXTON
Assistant Vice President

WILLIAM B. ESTES III

WILLIAMRPOWELL

KATHLEEN S. SMITH
Assistant Vice President (resigned)

Officer

WILLIAMC.HUNTER
Research m c e r
ROBERT E. KELEHER
Research m c e r (resigned)

THOMAS J. KUEBBING
Assistant Vice Resident

Assistant Vice President

MELVYN K. PURCELL
Assistant Vice President and
Assistant EFT Product Manager
TED G. REDDY 111
Assistant Vice President

GENE D. SULLIVAN
Research m c e r

JESSIE T. WATSON
Assistant Vice President
D A W D. WHITEHEAD

MARION P. RIVERS
Emmining OtEcer

ALBERT E. MARTlN III
Assistant General counsel



MARY S. ROSENBAUM

FEDERALRESERVEEANKOFA-A

Research OBcer

BRANCHES
ATLANTA

e

DELMARHARRISON
!Senior Vice President and Branch Manager

JAMES L BROWN
Assistant Vice President

GERALD L KEENAN
Assistant Vice President (resigned)

WARDLYN M. M L E R
Vice President and
Assistant Branch Manager

ERIC B. HINGST
Assistant Vice President

ROBERT A LOVE
Assistant Vice President

BIRMINGHAM
9

c

FREDERICKRHERR
Senior Vice President and Branch Manager

FREDRIC L FULLERTON
Assistant Vice President

ROBERT G. DOLE
Assistant Viie President and
Assistant Branch Manager

EDWARD B. HUGHES
Assistant Vice President

JAMES M. McKEE
Assistant Vice President

JACKSONVILLE

'

JAMES D. HAWKINS
Senior Vice President and Branch Manager

RICHARD L BERRY
Assistant Vice President
LEE C. JONES
Assistant Vice President

*

ROBERT J. SLACK
Assistant Vice President and
Assistant Branch Manager

JEFFREY L WELTZIEN
Assistant Vice President

MIAMI
t

JAMES T. CURRY Iu
Vice President and Branch Manager

FRED D. COX
Assistant Vice President

RAYMOND LAURENCE

ROBERT A DeZAYAS
Assistant Vice President

Adstant Viie President and
Assistant Branch Manager

JUAN DEL BUST0
Assistant Vice President

NASHVILLE
DONALD E. NELSON
Vice President and Branch Manager

WILLIAM W. DYKES
Assistant Vice President

E. CHANNING WORKMAN, JR

MARGARET A EASLEY
Assistant Vice President

ROBERT I. McKENZIE
Assistant Vice President

*

Assistant Vice Pmident and

Assistant Branch Manager

NEWORLEANS
WILLIAM SMELT

ROBERT J. Muss0
Vice President and Branch Manager

Assistant Vice President and
Assistant Branch Manager

HENRY H. BOURGAUX,JR.
Vice President and Branch Manager (resigned)



WAYMAN E. BARRETI'
Assistant Vice President

AMYS.GO0DMAN
Assistant Vice President
PATRICIA D. VAN de GRAAF
Assistant Vice President

FEDERALRESERVEBANKOFATLAIWI'A

December 31,1987

Assets

December 31,1988

,
4 -

Gold CeMcate Account
Special Drawing Rights Certificate Account
Coin
Loans and Securities
Cash Items in Process of Collection
Bank Premises
Other Assets
Interdistrict Settlement Account
Total Assets

$596,000,000
203,000,000
37,488,805
10,096,047,692
615,387,846
56,429,657
934,861,629
1,741,988,624

$584,000,000
203,000,000
36,499,786
11,255,581,095
720,847,558
58,868,500
1,075,065,762
359,790,852

$14,281,204,253

$14,293,653,553

.

Liabilities
$9,206,344,818
3,987,980,230
604,453,529
120,846,676

Federal Reserve Notes
Deposits*
Deferred Availability Cash Items
Other Liabilities
Interdistrict Settlement Account

0

$13,919,625,253

Total Liabilities

0 ,

$13,902,118,253
4

Capital Accounts
$180,789,500
180,789,500

Capital Paid In
Surplus

$195,767,650
195,767,650

.-.

Total Capital Accounts
Total Liabilities and Capital Accounts

$361,579,000
$14,281,204,253

$391,535,300 '
$14,293,653,553

*IncludesDepositoryInstitutionAccounts,Collected Funds Due to Other Federal Reserve Banks, U.S.Treasurer-GeneralAccount,Other
and miscellaneousdeposits.



FEDERALRESERVEBANKOFA-A

Statement of Ea&gs
’

and Expenses

Earnings andExpenses

1987

r

.
I

1988

Current Income
Current Expenses
Cost of Earnings Credit

$807,940,405
101,185,342
11,524,717

$934,103,034
109,311,775
12,188,134
$812,603,125

et Additions or Deductions (-)*
Assessment for Expenses of Board of Governors
Federal Reserve Currency Cost

$695,230,346
166,060,797
7,318,500
6,603,187
3,418,707
$843,950,749

$751,607,602

$10,391,773
82 1,029,326

12,529,650

$1 1,285631
725,345,821
14,978,150

$843,950,749

$751,607,602

$168,259,850
$180,789,500

$180,789,500
$195,767,650

- 44,061,024
7,452,600
7,134,247
2,347,652

Distribution of Net Earnings
Dividends Paid
Payments to U.S. Treasury (Interest on Federal Reserve Notes)
Transferred to Surplus
Total Income Distributed

.SurplusAccount
Surplus January 1
r Surplus December 31

*Includesgains/losses on sales of U.S. Government securities and foreign exchange transactions.
~

**Priorto 1987, amounts unreimbursed by the U.S. Treasurywere included in the line entitled “Net Additions or Deductions (-).”




FEDERALRESERVE EANKOPATZANTA

Summary of Operations
1988

1987

services to
Depository mtutions

(thousands)

Percent
-ge
From One
Year-

(thousands)

Percent
-ge
FromOne
Year-

74,389
2,383,496

-7.0
5.2

74,003
2,460,728

-0.5
3.2

Item

Check Clearing
U.S. Government Checks Processed
Commercial Checks Processed

Item

~

5

Electronic Payments
ACH Commercial and Government
Payments Processed
Wire Transfers of Funds
Cash Services
Currency Processed
Coin Processed

Loans to Depository Institutions
Loans Processed *
Securities Services
On-line Bookentry Transfers
Noncash Items Processed
Definitive Safekeeping Receipts

136,390
7,460

25.7
5.2

16547 1
8,106

19.9
8.7

6,385,428
10,575,626

3.3
-4.3

6,64 1,973
8,803,144

4.0
- 16.8

1,710

6.7

1,994

16.6

42

20.5

10.7

1,087

- 19.9

470

35.0

47
1,043
312

-4.1
-33.6

2,

-b

4

Services to U.S. Treasury
U.S. Savings Bonds Issued

U.S. Savings Bonds Redeemed

Other Treasury Issues
Issued
Redeemed

7,454

-2.0

7,178

-3.7

246

-3.5

260

5.7

37
44

68.2**

36
34

-2.7
-22.7

-36.2

f&

Deposits to Treasury Tax and Loan Accounts
Food Coupons Destroyed

741

0.8

748

0.9

321,800

-1.0

355,527

10.5

*Numbers shown are actual, not in thousands.

**1986volume does not include Treasury securities issued under the Treasury Direct System.



*,

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