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For immediate release, D e c e m b e r 8, 1966. The F e d e r a l R e s e r v e System made known today in its Weekly Statement of Condition of the F e d e r a l R e s e r v e Banks that the S y s t e m ! s first r e p u r c h a s e a g r e e m e n t s involving U. S* Government Agency obligations w e r e m a d e , under authorization by the System Open Market C o m m i t t e e , during the week ended D e c e m b e r 7# At the end of that p e r i o d , the Condition Statement showed, the F e d e r a l R e s e r v e held $21 million in these i s s u e s under r e p u r c h a s e a g r e e m e n t s s i m i l a r in t e r m s and conditions to its r e p u r c h a s e a g r e e m e n t s involving d i r e c t obligations of the United States* The r e p u r c h a s e a g r e e m e n t s w e r e entered into p u r s u a n t to a r e c e n t Act of C o n g r e s s enlarging the authority of the F e d e r a l R e s e r v e to engage in t r a n s a c t i o n s in obligations of the various U, S. Government a g e n c i e s in addition to the d i r e c t obligations of the United States* In view of the i m p o r t a n c e of the m a r k e t for Agency i s s u e s , r e p u r c h a s e a g r e e m e n t s involving t h e s e s e c u r i t i e s i n c r e a s e the scope of the m a r k e t in which System operations may be conducted, thus adding to the m e a n s available to the System for supplying and absorbing r e s e r v e s . -0- \o^Govl FEDERAL H.4.'i^" RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release December 8, 1966 The average of daily figures of total member bank reserves held during the week ended December 7 decreased a net of $6 million to $23,203 million. Estimated currency and coin of member banks decreased $17^ million and their reserve balances at the Federal Reserve Eanks increased $168 million. Estimated required reserves increased $228 million; and estimated excess reserves decreased $23^- million to $204 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $2^5 million, compared with the revised net borrowed figure of $198 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $l4l million in U. S. Government securities bought outright, $124 million in U. S. Government securities and Federal Agency obligations held under repurchase agreements, and $112 million in Federal Reserve float, and a decrease of $104 million in Treasury deposits with Federal Reserve Banks. The principal offsetting changes were decreases of $187 million in member bank borrowings, and $72 million in gold stock, and an increase of $109 million in currency in circulation. Total Reserve Bank credit increased $208 million. As of December 7, holdings of U. S. Government securities bought outright were $52 million higher than a week earlier, U. S. Government securities held under repurchase agreements were $28l million lower, and member bank borrowings were $100 million lower. Averages of daily figures Member bank reserves, Week ended Change from week ended Wednesday, Reserve Bank credit, Dec. 7, Nov. 30, J Dec. 8, Dec. 7, 1966 and related items 1966 1966 1 1965 (In ma.llions of dollars) Reserve Bank credit: U. S. Government securities — +2,401 43,3^2 +141 43,312 Bought outright—System account + 368 471 Held -under repurchase agreements +115 3M Federal Agency obligations — 21 9 Held under repurchase agreements 9 *• 9 Acceptances« __ + 4 56 59 Bought outright — 76 67 Held under repurchase agreements + 15 Discounts and advances— kh9 Member bank borrowings -187 29 3^5 - 1 23 Other 13 13 + 154 2,014 +112 1,663 Float +2,880 +208 45,851 Total Reserve Bank credit 46,399 - 651 13A58 - 72 13,159 Gold stock + 704 + 11 6,252 6,255 Treasury currency outstanding 65,809 +148 65,265 +2,932 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. accounts (net) 44,210 1,188 +109 452 162 415 255 -104 46,682 Member bank reserves: With Federal Reserve Banks Currency and coin (estimated) Total reserves held Required reserves (estimated) Excess reserves (estimated) 19,126 4,077 23,203 22,999 204 — -- - 2 - 24 - 21 +168 -174 - 6 +228 -234 +2,281 + 372 - 218 + 7 + 190 - 205 +2,427 + 504 + 365 + 869 +1,126 - 257 44,485 1,200 197 205 406 173 K6,666 18,598 4,412 23,010 22,977 33 On December 7, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,353 million, a decrease of $97 million for the week and a decrease of $928 million from the comparable date a year ago. H. 4.1(a) CONSOLIDATED STATEMENT OP CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) Dec. 7, 1966 A S S E T S Gold certificate account Redemption fund for F. R. notes Total gold certificate reserves Change since Nov. 30, "Dec. 8, 1966 1965 10,839 1,824 12,663 - 13 + 9 + 284 358 - 9 -100 + 181 + 177 59 67 + 5 - 10 + + 21 + 21 21 43,3^2 11,525 4,351 21,278 6,188 341 £3^3 + 52 + 52 +2,416 +1,977 +4,351 -3.550 - 362 + 341 +2,757 +2,960 Cash items in process of collection ,631) 6,875 Bank premises 103 1,310 Other assets l/ TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (2,2^7) 65,^23 -337 (616) Cash Discounts and advances Acceptances: Bought outright Held under repurchase agreements Federal Agency obligations— Held under repurchase agreements U. S. Government securities: Bought outright—total Bills Certificates Notes Bonds ;-Held: under repurchase agreements Total U. S« Government securities Total loans and securities 4T7IH5 L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer—general account Foreign Other 2/ Total, deposits +158 -505 + + + 3 2 610 1 419 (616) 39,219 +266 +1,951 18,598 197 205 )6 ko£ 19,406 -495 -102 + 9 + 7 + 915 + + + 461 59 188 701 -220 - 8 + 541 + 52 +3,245 5,212 263 (2,2^7) 64,100 Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES -281 -229 -313 973 131 (1,631) C A P I T A L A C C O U N T S Capital paid in Surplus Other capital accounts 569 551 203 ^5HI •^3 + 1 + + 37 + 2 3 27 + 3 4 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown in the following pages—not consolidated) 31*8$ -.2$ - 3.9* Contingent liability on acceptances purchased for foreign correspondents 206 + 3 + 5 7 * Figures in parentheses are the eliminations made in the consolidating process; see comparable figures on combined basis on the following pages. 1/ Includes assets denominated in foreign currencies and IMF gold deposited. 2./ Includes IMF gold deposit. MATORITT DISTRIBUTION OF LOANS AMD SECURITIES, DECEMBER 7, 1966 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Discounts and advances Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years. Total 3^9 9 Acceptances 78 48 »-- — -— 1ZK lpfi „ U. S. Government securities and Federal Agency obligations Weekly changes Holdings -376 1,667 8,458 +112 24,748 + 56 -7,446 $88 , 397 ---onfl H.4.l(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK CN DECEMBER 7, 1966 Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis 190 32 222 Kansas Dallas City T5T millions3 of dollars) San Francisco A S S E T S 980 151 1,131 60 43 6 2,143 1,211 584 103 687 2,475 387 65 452 54 16 60 36 55 45 18 32 22 8 14 36 109 10 -- -- — —~ --- 629 238 1,927 1,163 3,557 1,C34 7,245 -- 1,522 -.- 12,663 599 100 699 2,985 611 94 705 F. R. notes of other Banks Other cash 6l6 284 47 9 148 28 25 7 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 Held under repurchase agreements 358 12 70 9 ?? -—- I? 67 " -- -—— 609 11,525 230 4,351 21,278 1,125 6,188 327 43,342 2,291 __ ^41 2,807 1,059 5,181 1,507 10,554 "341 598 226 934 352 1,104 1,724 1,537 321 502 447 338 Total U. S. Government securities k\.68l 2,291 Total loans and securities 44,188 2,303 Gold certificate account Redemption fund for F. R. notes Total gold certificate reserves Cash items in process of collection Bank premises Other assets l/ TOTAL ASSETS 10,839 1,824 67 2,550 435 I67 •" 332 373 69 ~kkz 337 61 398 1,041 215 1,256 35 18 71 29 5 21 13 18 16 53 -—— -"*- --- -— — -- 405 153 747 217 230 87 425 123 865 446 169 824 240 446 169 824 240 l,66l 1,679 _-. 1,679 -- 6,247 -- 21 21 833 314 727 627 3,067 892 2,249 -.. 3,512 -- 3,131 _- 2,368 10,895 2,249 \. 512 ^,131 2,^68 7,245 1.522 865 1.679 1.679 6,247 11,112 2,258 3,518 3,1^5 2,404 7,354 1,532 870 1,697 1,695 6,300 563 3 53 1,^33 497 3 62 586 5 95 700 5 61 712 20 64 1,426 9 495 20 161 466 8 38 288 3 26 596 8 49 436 10 59 803 9 147 67,670 3,677 16,210 3,557 5,438 5,192 3,983 11,536 2,546 1,439 2,826 2,651 8,506 103 1,310 1/ Includes assets denominated in foreign currencies and IMF gold deposited* 1,044 8,615 H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 7, I966 Total 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 accrued dividends TOTAL LIABILITIES Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas City San Francisco (Ir1 millions of dollars) 39,835 2,373 9,136 2,269 3,301 3,653 2,296 7,228 1,461 702 1,501 1,266 4,649 18,598 197 205 4o6 19,406 703 759 1 10 2 772 1,485 988 1 11 2 1,002 2,925 1 26 2 2,954 820 7 1 667 464 1 4 1,502 860 1 10 4 875 659 9 1 713 4,957 189 1/ 6Q 2/334 5,548 469 8 2 830 949 1 11 1 962 3,029 2 24 57 3,H2 6,843 514 1,108 433 498 573 592 1,117 364 232 428 340 644 263 66,347 13 3,613 75 15,867 3 i 3,487 20 5,321 18 5,H9 41 14 3,904 11,340 9 2,501 5 1,408 569 551 203 27 27 10 148 144 51 30 30 10 51 50 16 30 28 15 82 79 35 20 19 6 14 13 4 67,670 3,677 l6,2iq_ 3,557 5,438 5,192 3,983 11,536 2,546 1,439 206 10 * * 17 * * * * 10 2,769" 10 35 2,578" 8,446 CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on accept ances purchased for foreign corre spondent s 3/ 54 11 35 33 11 11 ____12_ 19 29 7_ 5_ 25 24 8 33 32 8_ 2,826 _2,„65l 9_ 12 74 72 29 8,615 . 27. . FEIERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account Eligible paper U. S. Government securities Total collateral 41,714 2,447 9,576 2,320 3,531 3,763 2,448 7,529 1,535 733 1,572 1,361 4,899 6,472 16 36,721 500 1,000 600 755 450 1,100 225 180 735 8,700 3,000 3,060 2,050 6,700 310 10 1,310 127 2,016 490 6 2,000 .. 555 1,400 1,230 4,600 43,209 2,516 9,700 2,496 3,600 3,815 2,500 7,800 1,630 1,410 5,335 1/ After deducting $137 million participations of other Federal Reserve Banks. 2/ Includes IMF gold deposits. 3/ After deducting $152 million participations of ether Federal Reserve Banks. 782 1,625
@FedFRASER