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Federal R eserve Bank
OF DALLAS
ROBERT

D. M C T E E R , J R .

president

AND

C H IE F

E X E C U T IV E

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February 5, 1992

O F F IC E R

DALLAS, TEXAS 75222

Notice 92-11
TO:

The Chief Executive Officer of each
member bank and others concerned in
the Eleventh Federal Reserve District
SUBJECT
Preliminary Figures on the Operating Income
of the Federal Reserve Banks
DETAILS

The Board of Governors of the Federal Reserve System has announced
preliminary figures on the operating income of the Federal Reserve Banks
during 1991. Federal Reserve System income is derived primarily from interest
earned on U.S. government securities that the Federal Reserve has acquired
through open market operations.
ATTACHMENT
A copy of the Board’s press release announcing the preliminary
figures is printed on the reverse of this notice.
MORE INFORMATION
For further information, please contact B. Gail DeLong at (214)
698-4318. For additional copies of this Bank’s notice and the Board’s press
release, please contact the Public Affairs Department at (214) 651-6289.
Sincerely yours,

For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas:
Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162,
Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

FEDERAL RESERVE press release

For immediate release

January 9, 1992

Preliminary figures indicate that operating income
of the Federal Reserve Banks amounted to $22,551 billion
during 1991.
Net income before payment of dividends,
additions to surplus, and payments to the Treasury totaled
$21,158 billion.
About $20,778 billion was paid to the U.S.
Treasury during 1991.
Federal Reserve System income is derived primarily
from interest earned on U.S. government securities that the
Federal Reserve has acquired through open market operations.
Income from the provision of financial services amounted to
$737 million.
Operating expenses of the 12 Reserve Banks and
branches totaled $1,268 billion.
In addition, $160 million
for earnings credits were granted to depository institutions
under the Monetary Control Act of 1980.
Assessments to
Reserve Banks for Board expenditures totaled $110 million
and the cost of currency amounted to $261 million.
Net additions to income amounted to $496 million,
primarily resulting from realized and unrealized gains on
assets denominated in foreign currencies and gains on the
sales of securities from the System Open Market Account
portfolio.
Statutory dividends to member banks were $153
million.
Under the policy established by the Board of
Governors at the end of 1964, all net income after the
statutory dividend to member banks and the amount necessary
to equate surplus to paid-in capital is transferred to the
U.S. Treasury as interest on Federal Reserve notes.
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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102