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FEDERAL RESERVE BANK OF NEW YORK [ Circular No. 9236 ~| January 18, 1982 SIXTY-SEVENTH ANNUAL STATEMENT To the M em ber Banks o f the S eco n d F e d era l R e serve D istrict: Herewith is a statement of condition of the Federal Reserve Bank of New York at the close of the year 1981, and of earnings and expenses for that year. For comparison purposes, the corresponding figures for 1980 are also shown. In addition, printed on the following pages are current listings of the directors and officers of this Bank and its Buffalo Branch. The regular annual report of the Bank, containing a review of economic and financial developments and of Bank operations in 1981, is now being prepared. When it is issued, a copy will be sent to each member bank in the District. A nthony M. S olomon, President. Statement of Condition ASSETS Dec. 31, 1981 Dec. 31, 1980 Gold certificate a cc o u n t.......................................... $ 3,160,256,297 $ 3,012,103,748 Special Drawing Rights certificate account......... 951,000,000 665,000,000 C oin............................................................................. 18,029,133 23,700,869 T o ta l................................................................... $ 4,129,285,430 $ 3,700,804,617 $ $ Advances.................................................................... Acceptances held under repurchase agreem ents.. 559,300,000 663,470,000 194,755,208 776,489,237 Bought outright*................................................... 37,188,008,336 31,009,393,835 Held under repurchase agreem ents................... 3,216,090,000 2,029,250,000 Bought o u trig h t.................................................... 2,656,642,982 2,271,605,538 Held under repurchase agreem ents................... 268,910,000 525,050,000 Total loans and securities.............................. $44,083,706,526 $37,275,258,610 $ 705,454,435 $ 2,350,527,303 Bank prem ises....................................................... 22,742,263 19,765,150 Due from FDIC for indebtedness assumed...... 428,000,000 All o th e r t.............................................................. 2,253,678,634 2,126,696,299 Total other a sse ts............................................. $ 3,409,875,332 $ 4,496,988,752 $ 656,060,339 $ 2,859,073,335 $52,278,927,627 $48,332,125,314 U.S. Government securities: Federal agency obligations: Other assets: Cash items in process of collection................... Interdistrict settlement account.............................. TOTAL A SSE T S............................................. * Includes securities loaned — $953,835,000 as of December 31, 1981, and $387,395,000 as of December 31,1980. t Includes assets denominated in foreign currencies revalued monthly at market rates. 2 Statement of Condition (iContinued) Dec. 31, 1981 Dec. 31, 1980 $39,632,632,296 $35,601,390,747 Depository institutions...................... $ 5,075,029,515 $ 6,521,343,106 U.S. Treasury — general account.. 4,300,773,123 3,062,266,692 Foreign — official accounts............ 266,904,089 145,508,759 O ther.................................................... 540,482,761 435,619,614 Total deposits................................. $10,183,189,488 $10,164,738,171 $ 949,428,750 $ 1,384,300,095 All o th er* ............................................ 876,310,493 569,682,701 Total other liabilities.................... $ 1,825,739,243 $ 1,953,982,796 TOTAL LIABILITIES.................. $51,641,561,027 $47,720,111,714 $ $ LIABILITIES Federal Reserve notes (n et)................. Reserves and other deposits: Other liabilities: Deferred availability cash item s...... CAPITAL ACCOUNTS Capital paid in......................................... 318,683,300 306,006,800 318,683,300 Surplus..................................................... TOTAL CAPITAL ACCOUNTS $ 637,366,600 TOTAL LIABILITIES AND CAPITAL ACCOUNTS.......... $52,278,927,627 306,006,800 $ 612,013,600 $48,332,125,314 * Includes exchange translation account balances reflecting the monthly revaluation of outstanding foreign exchange commitments. Statement of Earnings and Expenses 1980 1981 Total current earnings.............................................. $4,411,378,303 $3,335,892,900 Net expenses............................................................... 178,868,816 163,597,671 Current net earnings......................................... $4,232,509,487 $3,172,295,229 $ $ Additions to current net earnings: Profit on foreign exchange (n e t)....................... — All other.................................................................. Total ad d itions................................................. 24,318,030 209,126 76,354,576* $ 76,354,576 $ $ 78,027,922 24,527,156 $ Deductions from current net earnings: Loss on foreign exchange ( n e t) ......................... Loss on sales of U.S. Government securities and Federal agency obligations (n et)........... 34,318,309 50,330,254 All other.................................................................. 7,362,326 1,315,286 Total deductions.............................................. $ 119,708,557 $ 51,645,540 Net deductions.......................................................... $ 43,353,981 $ 27,118,384 Assessment for the Board of G overnors.............. $ 16,066,500 $ 15,742,400 Net earnings available for distribution......... $4,173,089,006 $3,129,434,445 $ $ DISTRIBUTION OF NET EARNINGS Dividends p a id .......................................................... 18,797,197 17,866,143 Transferred to surplus.............................................. 12,676,500 16,122,050 Payments to U.S. Treasury (interest on Federal Reserve notes)......................................... 4,141,615,309 3,095,446,252 Net earnings distributed............................. $4,173,089,006 $3,129,434,445 Surplus — beginning of y ear................................. 306,006,800 $ 289,884,750 Transferred from net earnings................................ 12,676,500 16,122,050 Surplus — end of year............................................. $ 318,683,300 $ 306,006,800 SURPLUS ACCOUNT * Includes $75,731,032 o f contingent expenses and interest received from FDIC in connection with assumed indebtedness o f Franklin National Bank. 4 Federal Reserve Bank of New York DIRECTORS Robert H . Knight (C -1 9 8 3 * ), Partner, Shearm an & S terlin g, A ttorn eys, N ew Y ork , N .Y . Chairman, and Federal Reserve Agent Boris Y avitz (C -1 9 8 2 ), D ean , G raduate S ch o o l o f B u sin e ss, C olu m b ia U n iversity, N ew Y ork , N .Y . Deputy Chairman G ertrude G. M ichelson (C-1984), W illiam S . C ook (B -1 9 8 2 ), S en ior V ic e P resident, P resid en t, U n io n P acific C orporation, R .H . M acy & C o ., Inc. N e w Y ork , N .Y . N ew Y ork, N .Y . (E lected by G roup 1 banks) John R. O pel (B - 1 9 8 3 ), E d w a r d L. H ennessy , J r . ( B - 1 984), P resident and C h ie f E x e cu tiv e O fficer, C hairm an o f the B oard, International B u sin e ss M ach in es C orporation, A llied C orporation, A rm on k , N .Y . M o rristow n, N .J . (E lected by G roup 3 banks) (E lected by G roup 2 banks) Robert A . Rough ( A - 1984), Peter D . Kiernan ( A - 1983), P resid en t, Chairm an and P resident, T h e N ational Bank o f S u ssex C ou n ty, U n ited Bank C orporation, B r a n ch v ille, N .J. A lb a n y , N .Y . (E lected by G roup 2 banks) (E lected by G roup 3 banks) Gordon T. W allis (A -1982), Chairm an o f the Board, Irving Trust C om p an y, N e w Y ork , N .Y . (E lected by G roup 1 banks) * The letter indicates the class of director; term expires December 31 of the year indicated. MEMBER OF FEDERAL ADVISORY COUNCIL D onald C . Platten, Chairm an o f the B oard, C h em ical B an k , N ew Y ork, N .Y . 5 Federal Reserve Bank of New York OFFICERS A nthony M S olomon, President . T homas M T imlen, First Vice President . S am Y. CROSS, Senior Vice President Peter Fousek , Senior Vice President and Director o f Research Ronald B. G ray , Senior Vice President P aul B. H enderson, Jr., Senior Vice President James H. O ltman, General Counsel T homas C. S loane, Senior Vice President and Senior Adviser Peter D. S ternlight, Senior Vice President M arcelle V. A rak , Vice President James O. A ston , Vice President PETER B akstansky , Vice President R alph A. C ann , III, Vice President S uzanne C utler, Vice President Richard G. D avis , Senior Economic Adviser C hester B. F eldberg , Vice President H enry S. Fujarski, Vice President Roberta J. G reen, Vice President M argaret L. G reene, Vice President W hitney R. Irwin, Vice President Roger M. Kubarych , Vice President and Deputy D irector o f Research P aul Meek, Monetary Adviser E rnest T. Patrikis, Deputy General Counsel E dwin R. Powers, Vice President A. M arshall Puckett, Vice President G eri M. Riegger, Vice President and Automation Adviser Irwin D. S andberg , Vice President F rederick C. S chadrack , Vice President Israel S endrovic, Vice President Jeffrey R. S hafer, Vice President N eal M. S oss , Vice President* S tephen G. T hieke. Vice President Robert C. T hom an . Vice President Richard V ollkommer, Vice President H erbert W. W hiteman, Jr., Vice President H. D avid W illey, Vice President Joseph P. B otta , Assistant Vice President Jorge A. B rathwaite, Assistant Vice President Louis J. B rendel, Assistant Vice President T errence J. C hecki, Assistant Vice President John C howansky , Adviser M ary R. C larkin, Senior Trading Officer Howard F. C rumb , Adviser* F red A. D enesevich , Regional Manager, Cranford Office John M. Eighmy, Assistant Vice President F rank C. E iseman , Assistant Vice President Robert T. Falconer, Assistant Vice President Peter J. Fullen , Assistant Vice President RICHARD J. GELSON, Assistant Vice President John Hopkins H eires, Adviser Richard H. Hoenig , Assistant Vice President E dward F. Kipfstuhl, Chief Examiner L eon Korobow, Assistant Vice President C harles M. Lucas , Assistant Vice President C athy E. M inehan, Assistant Vice President Joseph M. O’Connell , Regional Manager, Jericho Office B enedict Rafanello , Assistant Vice President D on N. Ringsmuth , Assistant General Counsel G eorge W. Ryan , Assistant Vice President JOHN F. S obala , Assistant Vice President H enry F. W iener, Assistant Vice President S usan C. Y oung , Assistant Vice President ROBERT M. A bplanalp, Manager, Management Information Department M. A kbar A khtar, Manager, International Research Department D onald R. A nderson , Manager, Accounting Department G eorge R. A rrington, Manager, Foreign Relations Department C arol W. B arrett, Manager, Data Systems Department N ancy B ercovici, Manager, Statistics Department Donald L. B ittker, Assistant Counsel G eorge H. Bossy , Manager, Foreign Relations Department B arbara R. B utler, Manager, Data Systems Department T homas J. C ampbell, Manager, Foreign Exchange Department, and Assistant Secretary John M. C asazza , Assistant C hief Examiner B ruce A. C assella , Bank Services Officer STEPHEN V. O. CLARKE, Research Officer and Senior Economist H. JOHN Costalos, Manager, Securities Clearance Department V iera A. C rout , Manager, Operations Systems Department Robert N. D avenport, Jr ., Assistant Counsel E dward H. D enhoff, Operations Officer, Utica Offuce JOSEPH F. DONNELLY, Manager, Currency Services Department M atthew C. D rexler, Manager, Building Operating Department E dna E. E hrlich, International Adviser Eugene P. E mond , Bank Services Officer Edward J. F rydl , Manager, Financial Markets Department W illiam J. G asser , Manager, External Financing Department James H. G aver , Manager, Analytical Computer Department Joseph J. G rimshaw , Manager, Savings Bond Department G ary H aberman , Manager, Credit and Discount Department G erald H ayden , Manager, Research Support Department M ichael H eller, Manager, Technical Services Department G eorge R. Juncker , Manager, Consumer Affairs and Bank Regulations Department A ngus J. K ennedy . Manager, Government Bond Department Patricia H. Kuwayama , Manager, Foreign Exchange Department MICHAEL J. L angton , Manager, Personnel Department F red J. L evin , Manager, Securities Department C lifford N. Lipscomb, Manager, Personnel Department Ronald E. Long , Manager, Records, Printing, and Postal Services Department F ranklin T. Love . Manager, Supervision Support Department Joan E. Lovett. Securities Trading Officer GEORGE L ukowicz.Manager, Telecommunications Operations Department A. John M aher , Assistant Chief Examiner T homas P. McQ ueeney , Assistant Chief Examiner * On leave of absence. 6 B radley K. S abel , Secretary and Assistant Counsel ANTHONY N. S agliano , Operations Analysis Officer Leonard G. S ahling, Manager, Domestic Research Department Donald E. S chmid, Manager, Bank Analysis Department Robert C . S crivanl Manager, Personnel Department M indy R. S ilverman, Assistant Counsel D avid S. S lackman , Operations Analysis Officer John J. S trick, Manager, Safekeeping Department W alker F. T odd , Assistant Counsel Raleigh M . T ozer, Assistant Counsel C arl W . TURNlPSEED.A/awrgcr, Check Adjustment and Return Items Department; Electronic Payments Staff Ruth A nn T yler. Manager, Service Department B arbara L. W alter, Manager, Analysis and Administrative Support Staff JOHN W enninger, Manager, Monetary Research Department B etsy B uttrill W hite, Manager, Banking Studies Department Janet L. W ynn , Operations Analysis Officer Harry Z. M elzer, Manager, Common Systems Department A nn -Marie M eulendyke, Research Officer and Senior Economist D onald R. Moore, Manager, Check Processing Department Robert V. M urray , Manager, Protection Department T homas E. N evius . Manager, Currency Department Kathleen A. O 'N eil, Manager, Accounting Department T heodore N. O ppenheimer. Assistant Secretary E dward J. O zog, Manager, Securities Department RICHARD P. P assadin , Manager, General Purpose Computer Department Jerome P. PERLONGO,jV/«m/ger, Computer Operations Support Department Robert C. P lows, Manager, Credit and Discount Department F rancis J. Reischach, Manager, Foreign Relations Department Patricia A. R evey , Senior Economist W illiam L. Rutledge, Manager, Domestic Banking Applications Department John E. F lanagan , General Auditor Leon R. Holmes, Assistant General Auditor W illiam M. S chultz, Assistant General Auditor Robert J. A mbrose, Manager, Auditing Department Loretta G. A nsbro , Manager, Audit Analysis Department Buffalo Branch of Federal Reserve Bank of New York DIRECTORS F rederick D. B erkeley, Chairman Chairm an o f the Board and P resident, Graham M anufacturing C o ., In c., B atavia, N .Y . A rthur M. Richardson, John Rollins B urwell, P resid en t, S ecu rity Trust C om pany P resident, R och ester, N .Y . R o llin s C on tain er C orp ., R o ch ester, N .Y . C arl F. U lmer, M. Jane D ickman, P resident, T h e E vans N ational Bank o f A n g o la , Partner, T o u ch e R o ss & C o ., A n g o la , N .Y . B u ffa lo , N .Y . G eorge L. W essel, E dward W. D uffy , P resident, Chairm an o f the Board, B u ffalo A F L -C IO C o u n cil, M arine M idland Bank, N .A . B u ffa lo , N .Y . B u ffa lo , N .Y . OFFICERS John T. Keane , Vice President and Branch Manager Harry A. C urth , Jr., Operations Officer P eter D. Luce. Assistant Vice President G ary S. W eintraub, Cashier Robert J. Mc D onnell, Operations Officer 7
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