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FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release February 21, 1974 The average of daily figures for total reserves of member banks declined slightly in the latest statement week to $35,356 million. Required reserves and member bank borrowings at Federal Reserve Banks increased while excess reserves declined. Major factors absorbing reserves in the latest statement week were increases in currency in circulation and other Federal Reserve liabilities and capital and a decrease in other Federal Reserve assets. Partially offsetting these reserve drains was a decline in Treasury deposits with Federal Reserve Banks. In addition, System Open Market Operations provided $887 million reserves net, on a weekly average basis, through Treasury bills, Federal Agency obligations and repurchase agreements. Member Dank 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-Bought outright Held under repurchase agreements Acceptances — Bought outright Held under repurchase agreements Loans-Total member bank borrowing Includes seasonal borrowing of: Other borrowing 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 3/ Other F.R. liabilities and capital Averages of daily figures Week ended Change from week ended Wednesday, Feb. 20, 'FeF. 13, Feb . 21, Feb. 20, 1974 1974 1974 1973 (In millions of dollars) + + 382 290 + 8 ,172 + 74 2,009 + 84 4- 120 65 + + 71 43 + + 1 29 1,377 + + 224 5 + + 19 593 498 --3 501 186 9 587 71 18 144 177 78,944 498 20 2,266 869 86,160 11,567 400 8,750 106,877 70,686 334 2,844 327 682 2,950 77,822 + + + + + + - 1/79,038 2,221 698 22 2,009 12 119 71 188 293 20 1,062 _ 515 + 207 + 8 ,233 + 1 ,157 -_ 398 + + 9 ,789 + 5 ,943 51 + 343 + 57 + 25 + 520 + 6 ,837 2,474 327 14 790 88,180 11,567 400 8,753 108,900 70,836 335 2,863 342 655 3,014 78,045 Member bank reserves: 30,354 With Federal Reserve Banks + 2^,055 •6T8-h-2-,952 6,234 Currency and coin 6,234 - 689 + 578 Total reserves held 2/ 37,155 + 3 ,318 35,356 11 Required reserves 221 + 3 ,736 | 35,269 + 35,269 Excess reserves 2/ 1,886 - 232 - 418 87 NOTE: A net of $167 million of surplus reserves were eligible to be carried forward from the week ended February 13, into the week ending February 20. On February 20, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $25,149 million, an increase of $380 million for the week. 1/ Includes $141 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Adjusted to include $67 million of certain reserve deficiencies on which penalities can be waived for a transition period in connection with bank adaptation to Regulation J as amended effective November 9, 1972. 3/ Includes $35 million of certain deposits of domestic non-member banks and foreignowned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by non-member institutions in the Federal Reserve System1s program of credit restraint. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Feb. 13, Feb. 21, Feb. 20, 1974 1973 1974 A S S E T S Gold certificate account 11,460 + 1,157 Special Drawing Rights certif. accts. * --400 Cash 304 5 59 (1 ,300) Loans 1,062 + 670 -1,437 Acceptances—Bought outright 71 5 Held under repurchase agreements 188 + 88 + 85 Federal Agency obligations—Bought outright 2,009 + 120 + 698 Held under repurchase agreements 327 + 197 + 293 U.S. Government securities: Bought outright—Bills 37,268 + 185 + 6,991 Certificates Other Notes 38,796 + 205 + 1,957 Bonds - 175 2,974 527 Total bought outright + 215 + 8,421 79,038 Held under repurchase agreements 2,221 + 763 + 2,067 Total U.S. Government securities + 978 +10,488 81,259 Total loans and securities - 54 84,916 +12,229 Cash items in process of collection +1 ,397 746 9,183 (1,523) Bank premises + 1 + 30 225 Other assets 2/ - 754 + 89 565 TOTAL ASSETS +12,700 (2,823) 107,053 ±_ 585 LL I A 1 Ik LI n s. Federal Reserve notes Deposits: Member bank-reserves account U. S. Treasurer—general account Foreign Other 2/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES (1,300) 62,616 30,774 2,863 342 655 (1,523) (2,823) 34,634 6,789 -1*023 105,062 + + + z_ 9 395 124 84 44 479 953 3 480 + 5,451 + 7,408 495 + 67 26 + 6,954 258 + 375 +12,522 £ A L 1 1 A L. A £ c o u N T ; 5 Capital paid in Surplus Other capital accounts 858 844 289 98 + + + 57 51 70 Contingent liability on acceptances purchased for foreign correspondents 602 + 4 + 369 * Figures in parentheses are the eliminations made in the consolidating process. JL/ Includes $141 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. V Includes $35 million of certain deposits of domestic non-member banks and foreignowned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by non-member institutions in the Federal Reserve System's program of credit restraint. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 20. 1974 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Federal Agency U«S. Government obligations securities Loans AcceptHoldings Weekly Holdings Weekly ances Changes changes Within 15 days 1,051 +202 217 340 7,610 + 67 16 days to 90 days n 42 91 19,918 - 5 +1,493 91 days to 1 year -+ 76 21,919 259 Over 1 year to 5 years 850 22,235 + 55 - 893 Over 5 years to 10 years 7,730 + 200 557 + 65 Over 10 years -1,797 + 35 239 Total TjML + 978 2,336 +317 81,259 259 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 20, 1974 Total Boston Philadelphia New York Cleveland Richmond Atlanta Chicago St. Louis Kansas City Minneapolis Dallas San Francisco (1n millions of dollars) A S S E T S Gold certificate account Special Drawing Rights certif. acct. 11,460 400 811 23 1,648 93 499 23 648 33 1,031 36 427 22 1,801 70 127 15 202 7 388 15 473 14 3,405 49 F.R. notes of other banks Other cash 1,300 304 94 19 282 27 32 4 102 36 133 33 154 42 89 34 29 20 17 9 36 32 104 16 228 32 Loans Acceptances: Bought outright Held under repurchase agreements Federal Agency obligations-Bought outright Held under repurchase agreements U.S. Government securities: Bought outright-Bills Certificates: Other Notes Bonds Total bought outright 1/ Held under repurchase agreements Total U.S. Government securities Total loans and securities 1,062 37 64 134 31 148 137 61 86 12 22 138 192 — — 71 188 — — — — — — — — .-— — -- — — — -- -- -._ 2,009 327 91 527 327 109 151 149 79 42 82 90 268 — — — Ill — 310 -- — — — •- .. -- 37,268 1,695 9,782 2,018 2,061 5,748 -- — Gash items in process of collection Bank premises Other assets 2/ TOTAL ASSETS 71 188 — — 38,796 2,974 79,038 2,221 _ 81,259] 84,916 10,706 225 — 505 109,876 1,764 135 3,594 3,594 3,722 428 46 23 2,100 10,183 781 161 20,746 "~ IT, 275 2,221 — 22,967 4,279 24,144 4,522 2,046 10 178 -5,166 , 28,428 500 11 _ 33 _ 5.624 2,798 — 2,913 223 5,93^ — 2,746 -2,858 '219 5,823 — — -- 2,146 165 4,372 5,984 459 12,191 -- -_ 5.934 6,116 5r823 6,120 4,372 4,620 I2,i<n 12,562 608 27 1,148 14 37 .15 1,121 15 16 1,632 16 70 8 , 5 5 Q _ ,6.437 16,274 7.607 1,471 778 1,519 _- .. -- 1,532 810 1,581 118 62 121 "T^TZV"-' ~Tp53t7— -™yjZ2T~ 1,671 .„ 4,981 -_. 1,740 5,185 133 397 - 3 7 5 5 3 — 10,56-3 ~ -- -- ^i?j 1 &5Q 1,704 ^ 991 3,544 10 563 3,325 3,772 11,023 520 35 778 17 3,286 494 14 18 4,003 y L eludes $141 million securities loaned-~fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. 17 . 2,511 —' —4r& 4.609 -- 523 12 —2A—- — — 908 8 15,729 _ _ STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 20, 1974 H.4.1(c) 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 3/ Total deposits Deferred availability cash items Other liabilities and accrvted 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 63,916 3,153 15,827 4,041 5,110 5,714 3,353 10,607 2,548 1,160 2,456 2,394 7,553 30,774 2,863 342 1,309 161 12 9,067 746 1/119 544 10,476 1,310 827 164 15 18 1,024 410 1,591 130 26 2 1,749 498 1,425 281 17 22 1,745 906 1,914 137 22 15 2,088 795 3,692 275 47 12 4,026 1,184 784 206 10 2 1,002 348 673 101 7 2 783 500 1,225 107 12 3 1,347 686 1,622 217 17 11 1,867 530 6,645 338 38 19 7,040 745 43 135 _ . .6.5.5.. 5 34,634 8,312 1,487 400 1,023 107,885 45 301 51 76 69 58 147 5,085 27,914 5,526 7,433 8,434 6,2$4 15,464 37 3,935 22 2,465 4,52$ 858 844 289 35 34 12 222 215 77 41 42 15 76 74 24 48 47 21 64 62 17 134 132 44 28 29 11 20 20 6 35 35 11 46 46 12 109 108 39 109,876 5,166 28,428 5,624 7,607 8,550 _ j v 4 3 7 _ 16^274^ 4?003 2J5U 4,^09 4,938 15,729 602 25 2/154 29 53 34 20 14 25 33 77 1,197 2,572 2,546 8,027 44 94 39 4,634 15,4?3 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government security.es Total collateral y After deducting $223 66,959 3,334 2,365 175 66,565 68,930 3,230 3,405 16,625 16,850 16,850 4,110 5,327 5,929 400 350 700 3,800 4,200 5,200 5,550 5,390 6,090 3,700 3.900 3,900 10,915 2,677 700 35 10.600 11,300 2.700 2,735 5 1.240 1,240 2.700 2,700 2.655 2,660 million participations of other Federal Reserve Banks. 2i/ After deducting $448 million participations of other Federal Reserve Banks. 3/ Includes $35 million of certain deposits of domestic non-member banks and foreign-owned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by non-member institutions in the Federal Reserve System's program of credit restraint. 8.300 8,300
@FedFRASER