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FEDERAL ***f*UR£^ RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release December 24, 1970 The average of daily figures of |:$$@ffiYreserves of member banks increased $315 million in the latest statement week to $29,330 million. Required reserves and excess reserves both increased while member bank borrowings at Federal Reserve Banks declined. An increase in float of $905 million was the major source of reserves in the latest week. This increase was somewhat greater than seasonal. Further adding to reserves was a decline in other Federal Reserve liabilities and capital. Partially offsetting these reserve increases were a seasonal rise in currency in circulation. In addition, System Open Market operations absorbed $48 million in reserves net, on a weekly average basis. Member bank borrowings averaged $324 million and exceeded excess reserves by $66 million compared with $300 million for the previous week. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U.S. Government securities— Bought outright--System account Held under repurchase agreements Federal Agency obligations-Held under repurchase agreements Acceptances Bought outright Held under repurchase agreements Discounts and advances-Member bank borrowings Other Float Other F. R. assets Total Reserve Bank credit Gold stock Special Drawing Rights certif. acct. Treasury currency outstanding Currency in circulation Treasury cash holdings Treasury deposits with F. R. Banks Foreign deposits with F. R. Banks Other deposits with F. R. Banks Other F. R. liabilities and capital Member bank reserves: With Federal Reserve Banks Currency and coin Total reserves held Required reserves Excess reserves Averages of daily figures Week ended Change from week ended Wednesday, Dec. 23, Dec. 16, Dec. 24, Dec. 23, 1970 1970 1970 1969 (In millions of dollars) 61,512 187 + 286 321 44,339 + 136 72 54 37 324 3,814 1,051 67,050 11,117 59 + 8 14 6 56 + 31 -- 75 - 772 620 + 905 + 45 + 825 + 258 -1,197 +2,847 + 750 + 400 + 332 +4,330 +3,477 - 234 - 418 3,562 1,070 67,015 11,117 - 400 7,178 85,746 57,234 417 828 143 696 2,176 6i;493 24,252 5,078 29,330 29,072 258 1/ 61,707 -- + + + - + + - + + - + + + 54 880 270 12 65 8 38 123 169 710 395 315 156 159 -- + 247 + 43 I +3,114 +1,215 + 239 +1,454 1 +1,460 6 ! NOTE: 400 7,179 85,711 57,534 423 774 144 708 2,196 61,779 23,932 5,078 29,010 29,072 62 A net of $137 million of surplus reserves were eligible to be carried forward from the week ended December 16, into the week ending December 23. On December 23, 1970 marketable U.S Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $11,049 million, a decrease of $28 million for the week. 1/ Includes $31 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since Wednesday Dec. 16, Dec. 24, Dec. 23, 1970 1969 1970 ASSETS Gold certificate account 10,842 8 + 806 Special Drawing Rights cert;if. accts. 400 + 400 Cash (753) 219 + 104 Discounts and advances 620 ^ 314 - 102 Acceptances: Bought outright 3 + 5 56 Held under repurchase agreements - 134 42 Federal Agency obligations—> Held under repurchase agreements 90 191 U. S. Government securities : Bought outright— Bills 25,639 +3,367 81 Certificates Notes 33,182 +1,790 + 209 Bonds 2,886 + 80 - 610 Total bought outright + 370 44,547 1/ 61^707 Held under repurchase agreements --1,416 - 359 Total U. S. Government securities -1,046 +4,188 61,707 Total loans and ^securities -1,680 62,383 +3,951 Cash items in process of collection (2,784) 11,850 + 2 + 731 Bank premises — + 13 128 Other assets 2j 942 -1,207 + 28 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,537) -1,642 +4,798 86^764 L I A B IL I T I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer*-general account Foreign Other V Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES (753) 50,722 + 338 +3,098 23,932 -1,761 + 187 +1,071 - 284 774 144 708 (2,784) 25,558 8,288 (3,537) 85,146 578 £ £1 1 1 £h £££2HHT S Capital paid in ~ ' ~" Surplus Other c a p i t a l accounts Contingent liability on acceptances purchased for foreign correspondents 1 21 -1,596 - 406 49 -1,713 698 669 251 __ — 251 13 24 + + + 18 +4,747 + + 71 + MATURITY DISTRIBUTION OF LOANS AND SECURITIES, DECEMBER 23, 1970 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) U. S. Government securities and Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years •s Over 5 years to 10 years sars Over 10 years Total 617 3 — mmmm^mm 620 Acceptances 12 44 -— — ZZ 56 Federal Agency obligations Holdings Weekly changes 3,036 -1,301 12,069 + 158 20,907 - 379 19,007 + 195 + 63 6,029 659 + 27 61,707 •1,237 29 39 17 * Figures in parentheses are the eliminations made in the consolidating process. JL/ Includes $31 million securities loaned-*-fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. Discounts and advances 187 950 717 104 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON Total Boston New York Philadelphia Cleveland Richmond DECEMBER 23, 1970 Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco (In millions of dollars) A S S E T S Gold certificate account Special Drawing Rights certif. acct. 492 23 2,232 980 33 923 36 645 22 70 435 15 251 7 355 15 688 14 1,391 93 677 23 1,773 400 F. R. notes of other banks Other cash 753 219 98 9 129 19 39 10 40 25 53 13 176 30 37 31 22 12 22 6 31 17 19 14 87 33 Discounts and advances Acceptances: Bought outright Held under repurchase agreements Federal Agency obligations-Held under repurchase agreements U. S. Government securities: Bought outright-Bills Certificates Notes Bonds Total bought outright Held under repurchase agreements Total U. S. Government securities Total loans and securities 620 75 280 -- 2 1 * 250 8 -- 4 -- -_ 56 -— 56 — —— — --- — -- — -- --- --- — -- --- --- --- -- -- -• -- -- -- 25,639 1,326 Cash items in process of collection Bank premises Other assets 1/ TOTAL ASSETS 1/ 10,842 33,182 1,717 1 2,886 149 61,707 I 3,192 1 -61,707 1 3,192 62,383 3,267 14,634 \ 128 ! 872 2 942 52 90,301 4,815 -- -- -- 2,027 1,962 1,330 4,110 949 502 1,015 1,160 3,614 8,164• 1,729 2,623 228 150 71C1 15,182 3,215 4,878 — --15,182. 3,215 4,878 15,518I 3,215 4,880 2,538 1,721 5,320 1,229 1,501 4,677 150 463 107 649 56 1,314 221 114 131 407 4,721 — 4,721 4,722 3,201 -3,201 3,201 9,893 — 9,893 10,143 2,285 — 2,285 2,293 — ,207 1 ,207 2,443 — 2,443 2,447 2,792 — 2,792 2,792 8,698 -8,698 8,698 694 12 928 18 31 869 8 1,208 Z7 558 12 18 3,510 2 ,081 3,842 4,441 6,3081 2,754 8t 36CI 21,112\ 1,336 753 998 12 63 1,100 1,372 2,528 3 39_ 11 17 42 17 115 4,759 7,031 6,914 5,505 14,714 56_ r,207 " T Includes $31 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks, * Less than $500,000. 49 37_ 8 102 11,576 H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 23, 1970 Total Boston New York Phila- Clevedelphia land Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Dallas Francisco (In millions of dollars) L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer—general account Foreign Other Total deposits Deferred availability cash items Other liabilities and accriled dividends TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on ace:eptances purchased for forei-gn correspondents 51,475 2,914 12,188 2,955 4,210 4,601 2,653 9,041 1,959 878 1,879 1,945 6,252 23,932 1,004 5,911 1,226 1,500 3,361 4,017 94 7 9 96 9 1 83 20 4 75 6 2 65 7 1 19 17 20 25,558 11,072 1,061 1,062 1,739 1,336 1,606 1,742 4,073 631 892 3,468 1,869 1,144 734 1/ 45 1/662 6,696 1,661 56 12 1 686 30 3 2 721 434 1,669 78 832 72 5 1 910 565 1,061 50 6 1 995 56 7 4 1,670 774 144 708 729 640 958 578 30 142 28 47 43 29 92 21 12 23 26 85 88,683 4,739 20,687 4,676 6,888 6,826 5,401 14,470 3,455 2,045 698 669 251 32 32 12 184 177 65 36 34 13 63 60 20 36 34 18 47 43 14 104 99 41 24 23 8 16 15 5 90,301 4,815 21,113 4,759 7,031 6,914 5,505 14,714 3,510 2,081 251 12 3/ 66 13 22 13 16 37 9 5 11 14 33 9,310 2,032 914" 1,948 2,064 6,583 1,000 155 846 1,113 3,775 4,353 11,368 29 28 10 39 37 12 88 87 33 3,842 4,441 11,576 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral 17 2/ 3/ 3,066 12,706 3,013 4,359 4,722 250 500 300 510 610 2,840 12,400 2.800 3.900 4.160 2.900 8.450 1.930 930 1,975 ?,130 7,000 3,090 12,900 3,100 4,410 4,770 2,900 9,450 2,085 930 1,975 2,135 7,000 After deducting $ 99 million participations of other Federal Reserve Banks. Includes IMF gold deposit. After deducting $185 million participations of other Federal Reserve Banks. 2,843 — 5
@FedFRASER