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FEDERAL RESERVE Factors Affecting Bonk Reserves and Condition Statement of F.R. Bonks For immediate release February 18, 1971 H.4.1 The average of daily figures of total reserves of member banks increased $426 million to $30,192 million in the latest week. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all increased. Several factors drained reserves in significant amounts during the latest statement week. Float dropped by $551 million. This decline was considerably greater than seasonal and in part reflected the occurrence of two holidays within the statement week. In addition, reserves were absorbed by an increase in currency in circulation and a decrease in other F.R. assets. Offsetting some of these decreases in reserves was a decline in other F.R. liabilities and capital. System Open Market operations supplied $1,209 million in reserves net, on a weekly average basis. More than two-thirds of these reserves were supplied through repurchase agreements and the remainder through outright purchases of securities, including purchases of coupons. Member bank borrowings were above the average for recent weeks and exceeded excess reserves by $285 million, compared with $65 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 NOTE: Averages o f daily figures Week ended Change from week ended Wednesday, Feb. 17, Feb . 10, Feb. 18, Feb. 17, 1970 1971 1971 1971 (Iri millions of dollars) 62,161 687 + + 88 - 439 643 +6,618 + 7 1/62,280 1,984 85 12 197 54 52 + 5 47 4 14 54 162 564 + 316 546 1,598 2,609 1,166 67,381 10,732 - 551 118 855 + 214 - 563 +5,724 - 635 + 171 + 322 +5,582 +3,744 - 142 + 179 12 + 35 + 13 +3,815 +1,767 + 366 +2,133 2,624 + — — 400 7,189 85,702 55,946 465 1,226 157 759 2,097 60,649 25,053 5,139 30,192 29,913 279 + + + 12 867 282 1 + 63 + 10 12 - 203 + 138 + 729 - 303 426 i" 330 96 + -!•• :-2,103 + 30 839 69,738 10,732 400 7,191 88,061 56,069 468 485 172 762 2,214 60,170 27,891 5,139 33,030 29,913 3,117 A net of $101 million of surplus reserves were eligible to be carried forward from the week ended February 10, into the week ending February 17, On February 17, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $12,586 million, an increase of $445 million for the week. \J Includes $84 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change Wednesday Feb. 10, Feb. 17, 1971 1971" ASSETS 10,464 Gold certificate account 400 Special Drawing Rights certif. accts. (1,141) Cash 2 256 Discounts and advances +1,344 1,598 Acceptances: Bought outright 54 Held under repurchase agreements 162 + 162 Federal Agency obligations-Held under repurchase agreements 197 + 197 U. S. Government securities : Bought outright-Bills 25,879 +1,409 Certificates Notes 33,499 + 263 Bonds 39 2,902 Total bought outright +1,633 1/ 62,280 Held under repurchase agreements +1,984 1,984 Total U. S. Government securities 64,264 +3,617 Total loans and securities +5,320 66,275 Cash items in process of collection (2,913) +1,944 11,723 Bank premises 132 Other assets 2/ - 475 707 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (4,054) 89,957 +6,787 H.4.1(a) 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 (1,141) (7) (7) (2,906) since Feb. 18, 1970 + + + 581 100 69 935 + 6 83 86 +5,224 +1,426 + 8_7_ +6,737 +1,267 +8,004 +9,102 +1,366 + 15 - 748 +9,323 49,334 + 122 +3,529 27,891 485 172 762 29,310 9,099 544 +6,144 -1,257 +4,808 - 387 15 11 + + 43 41 +4 =971 +1 =798 + 30 +4, 395 +1, 276 30 (4,054) +9,170 +6,921 287 CAPITAL ACCOUNTS + 32 + 1 709 Capital paid in — + 33 702 Surplus • 135 + 88 259 Other capital accounts Contingent liability on acceptances purchased + 121 270 5 for foreign correspondents * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $84 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. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 17, 1971 (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 Discounts and Federal Agency obligations advances Acceptances Holdings Weekly changes Within 15 days 1,597 6,016 +3,162 186 16 days to 90 days 1 14,156 +2,252 30 91 days to 1 year 14,528 -5,557 Over 1 year to 5 years 23,287 +4,198 Over 5 years to 10 years 5,770 - 276 Over 10 years 704 + 35 Total 216 1,598 64,461 +3,814 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 17, 1971 Total St Phila- Cleve- RichNew Atlanta Chicago Louis Boston York delphia land mond Minneapolis Kansas City Dallas San Francisco (In millions of dollars) ASSETS 10,464 400 704 23 1,395 93 721 23 1,060 33 758 36 336 22 2,271 70 504 15 160 7 505 15 665 14 1,385 49 F. R. notes of other banks Other cash 1,141 256 130 11 234 20 55 12 81 30 84 16 303 35 38 37 20 14 20 7 30 20 38 16 108 38 Discounts and advances Acceptances: Bought outright Held under repurchase agreements Federal Agency obligationsHeld 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 1,598 145 631 — 156 101 31 381 27 2 7 -- 117 54 162 — -- 54 162 — -- -•" —" -- -— -- -— -- -— -- "— -- -" -- -— -- — — 1,329 — 1,720 149 3,198 -3,198 3,198 1,995 -2,583 224 4,802 -4,802 4,958 1,936 -2,505 217 4,658 — 4,658 4,759 1,286 -1,665 144 3,095 -3,095 3,126 4,164 -5,391 467 10,022 -10,022 10,403 956 -1 ,236 107 2 ,299 -2~,299 2 ,326 516 -668 58 1,242 -1,242 1,244 1,010 -1,308 113 2,431 -2,431 2,438 1,178 — 1,524 132 2,834 -2,834 2,834 3,601 -4,662 404 8,667 -8,667 8,784 2,783 8 313 751 3 31 1,137 14 41 1,017 11 38 1,400 17 27 2,551 17 77 793 13 18 500 13 12 939 18 20 807 8 25 1,192 8 66_ 4,923 23,803 4,794 7,354 6,719 5,266 15,464 3 ,703 1,963 3,985 4,407 11,630 Gold certificate account Special Drawing Rights certif. acct. Cash items in process of collection Bank premises Other assets 2J TOTAL ASSETS 1/ "2/ 197 197 25,879 -33,499 2,902 1/ 62,280 1,984 64,264 66,275 1,289 6,619 --1,669 8,568 742 145 3,103 :L5,929 -- 1,984 3,103 :L7,913 3,248 ]L8,957 14,636 132 707 94,011 766 2 39 Includes $84 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. Includes assets denominated in foreign currencies and IMF gold deposited. H.4.1(c) 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 CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on ace:eptances purchased for forei gn correspondents STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 17, 1971 Phila- CleveRich- Atlanta Chicago delphia land mond (In millions of dollars) Total Boston New York 50,475 2,859 12,092 2,876 4,114 4,508 2,518 27,891 1,129 7,979 1,092 1,950 1,241 45 57 6 1/ 76 2 11 681 43 7 3 48 12 26 7 14 1,288 485 172 769 29,317 12,005 1,182 778 8,793 2,325 1,145 662 — 2,010 1,043 793 Minneapolis 8,828 1,922 864 1,848 1,897 6,149 1,458 4,299 580 27 3 4,219 12 20 33 998 35 4 3 1,182 1,764 98 9 8 1,573 1,043 4,364 1,936 1,040 665 610 441 * 544 26 157 25 39 38 25 82 92,341 4,845 23,367 4,708 7,206 6,627 5,159 15,210 19 3,646 1,926 709 702 259 33 33 12 185 185 66 37 36 13 64 63 21 37 36 19 48 47 12 106 105 43 24 24 9 16 16 5 94,011 4,923 23,803 4,794 7,354 6,719 5,266 15,464 3,703 18 41 _9 270 13 3 / 7 1 14_ 24_ =„iiL= San Dallas Francisco St. Louis 11 Kansas City 46 5 2 34 7 3 14 16 20 1,235 1,808 4,269 812 590 20 23 79 3,915 4,318 11,414 917 39 39 11 90 88 38 1,963 - 3,985 4,407 11,630 6 30 30 10 11 15 34 1,919 2,022 6,485 FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral 1/ 2/ 3/ 2,999 12,790 2,936 4,291 4,661 2,783 9,089 2,003 250 500 300 510 500 -- 1,000 155 5 2,840 12,400 2,800 3,900 4,210 2,9.00 8,450 1,930 930 1,975 2,130 7,000 3,090 12,900 3,100 4,410 4,710 2,900 9,450 2,085 930 1,975 2,135 7,000 After deducting $ 96 million participations of other Federal Reserve Banks. Includes IMF gold deposit. After deducting $ 199 million participations of other Federal Reserve Banks. 893 * Less than $500,000.
@FedFRASER