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FEDERAL RESERVE Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks For immediate release February 24, 1966 'The average of daily figures of total member bank reserves held during the week ended February 23 decreased a net of $10 million to $22,132 million. Estimated currency and coin of member banks increased $29 million and their reserve balances at the Federal Reserve Banks decreased $39 million. Estimated required reserves decreased $100 million; and estimated excess reserves increased $90 million to $4l8 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $102 million, compared with the revised net borrowed figure of $125 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $318 million in U. S- Government securities bought outright and $267 million in U. S. Government securities held under repurchase agreements, and an increase of $131 million in "other" F. R» accounts (net). The principal offsetting changes were increases of $302 million in Federal Reserve float and $67 million in member bank borrowings, and decreases of $229 million in Treasury deposits with Federal Reserve Banks and $64 million in currency in circulation. Total Reserve Bank credit decreased $2l8 million. As of Wednesday, February 23, holdings of U. S. Government securities bought outright were $220 million lower than a week earlier and member bank borrowings were $88 million lower. Outright holdings of bills decreased $263 million and notes increased $^3 million. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U. S. Government securities— Bought outright--System account Held under repurchase agreements Acceptances — Bought outright Held under repurchase agreements Discounts and advance s — Member bank borrowings Other Float Total Reserve Bank credit Gold stock 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 p. R. accounts (net) Average:s of daily figures Week ended Change from week ended Wednesday, Feb. 16, | Feb. 24,| Feb. 23, Feb. 23, 1966 1 1965 1966 1966 (In millions of dollars) -318 -267 +3,506 -74 34 + - »• h 40,224 19 34 73 31 636 20 520 20 + 67 -- -- 2,04l 1+2,912 13,733 5,660 62,306 +302 -218 25 + 311 +3,750 -1,205 + 269 +2,815 4l,219 840 681 129 232 876 43,977 Member bank reserves: With Federal Reserve Banks Currency and coin (estimated) Total reserves held Required reserves (estimated) Excess reserves (estimated) 1 2 18,329 3.803 22,132 21,714 4i8 — + 12 -205 4o,00c — •*• 94 - 64 + 7 -229 - 6 - 4 +131 -166 +2,606 + 121 - 197 - 39 + 29 - 10 -100 + Q0 + 585 + 361 + 946 +1,064 - 118 1,362 42,122 13,734 5,671 61,527 4l,322 845 878 10 1 129 + 28 - 319 +2,229 ! 229 873 44,276 17,252 4.116 21,368 21,678 - 310 On February 23, 1966, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,887 million, an increase of $49 million for the week and a decrease of $2^9 million from the comparable date a year ago. H. 4-1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE T\ffiLVE FEDERAL RESERVE BANKS (in millions of dollars) Change since Feb. 24, Feb. 16, 1966 1965 Feb. 23, 1966 A S S E T S Gold certificate account Redemption fund for F. R. notes Total gold certificate reserves -1,398 + 174 -1,224" 11,694 1,723 13,^17 2 2 186 656 2 88 + + 22 524 73 31 2 + + 18 31 8,579 • 263 +2,494 - 826 +1,704 +3,372 53 +3,319 •H- Cash Discounts and advances Acceptances: Bought outright Held under repurchase agreements U. S. Government securities: Bought outright-Bills Certificates Notes Bonds Total "bought outright Held under repurchase agreements Total U. s. Government securities Total loans and securities (1,005) Cash items in process of collection Bank premises . Other assets ^ TOTAL ASSETS (1,833) L I A B I L I T I E S Federal Reserve notes deposits: Member "bank reserves U. S. Treasurer "general account Foreign Other 2/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES 24,871 6,550 40,000 . 43 - 220 40,000 40,760 - 220 310 6,198 102 410 (2,838) 61,073 -1,353 + + 23 39 +3,020 24 +2,483 (1,005) 36,364 17,252 878 129 229 - 647 - 4l 10 - 20 - 71S (1,833) (2,83a) C A P I T A L A C C O U N T S Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS (2,838) - 4,836 182 59,870 556 551 96 222 +lp92 971 + + + 369 369 41 5 20 343 9 "^1^74- + 552 - 417 +27961 + 30 -1,644 + 24 + 27 + 8 +3,020 Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages--not consolidated) 35-9$ " 6-^fo Contingent liability on acceptances purchased for foreign correspondents 135 1 + 17 * Figures in parentheses are the eliminations made in the consolidating process; , see comparable figures on combined basis on the following pages, i/Includes assets denominated in foreign currencies and IMF gold deposited. £/Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, FEBRUARY 23. 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 630 l6 days to 90 days 26 91 days to 1 year Over 1 year to 5 years -«Over 5 years to 10 years •Over 10 years Total __65"6 **Less than $500,000. # • * Acceptances 46 58 -— — -- io4 U. S. Government securities Changes Holdings during week 1,136 - 63 9,852 -235 + 68 14,059 + 10 13,H9 -1,449 385 40,000 — -220 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 23, 1966 H.4.l(b) New Total Boston York Phila-' Cleve- I RichAtlanta Chicago delphia j land mond St. Louis Minneapolis Kansas City Dallas San Francisco (In millions; of dollars) A S S E T S 11,694 Gold certificate account ! 1,723 Redemption fund for F. R- notes Total gold certificate reserves ; 13,4l7 F. R. notes of other Banks Other cash Discounts and advances Acceptances: Bought outright Held under repurchase agreements U. S. Government securities: Bought outright— Bills Certificates Notes Bonds Total Held under repurchase agreements 637 98 2,828 699 92 1,001 1,108 144 315 383 64 169 32 307 66 367 56 1,394 145 642 97 2,159 412 735 3,24o 791 1,146 1,252 739 2,474 447 201 373 423 1,596 202 73 243 63 95 91 106 91 43 30 32 64 186 13 26 8 14 15 22 26 10 6 11 10 74 25 656 21 75 36 2 35 47 245 10 5 79 27 74 -- 73 31 "* — "" "" 1,174 i i,C05 I 73 31 8,579 -- 451 -- 2,120 — —— — mm 439 705 586 482 1,462 319 186 343 312 -- -- -- -- -- -- -- -- -- -- 1,273 2,044 1,699 1,396 4,240 1.116 6,818 923 243 538 142 866 994 262 3,405 1,599 905 238 1,455 5,475 -- -- -- 24,871 1,308 6,550 344 40,000 2,103 6,146 1,619 9,885 335 539 448 368 2,047 3,288 2,733 2,246 -- -- -- -- -- -- -- Total U. S. Government securities 40,000 2,103 9,885 2,047 3,288 2,733 2,246 6,818 1,485 866 1,599 1.455 5,475 Total loans and securities 40,760 2,124 10,064 2,083 3,290 2,768 2,293 7,063 1,495 871 1,678 1,482 5,549 8,031 102 1,409 9 133 491 3 20 560 5 35 718 5 22 634 20 21 1,426 4io 461 3 18 20 57 375 7 13 230 3 7 523 7 17 441 10 16 763 10 51 63,911 3,427 15,124 3,459 5,145 4,871 3,835 11,157 2,390 1,348 2,641 2,446 8,068 Cash items in process of collection Bank premises / Other assets ~' TOTAL ASSETS 1/ Includes assets denominated in foreign currencies and IMF gold deposited — 1,485 -- " 896 E.4.l(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 23, 1966 Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES San Francisco 693 1,405 1,177 4,243 814 47 6 3 870 824 63 8 2,865 93 18 54 635 392 58 3 1 454 895 3,03c 1,292 286 168 306 299 615 ^0 10 3,764 10,982 7 2,348 5 1,320 7 7 2,378 24 7,91C 80 79 16 19 19 4 13 13 2 25 32 32 4 73 3,,835_-11,157_ ... 2„, 3 S 0 _1.346 2.641 2,446 6 8 l? 8,490 2,198 3,184 3,357 2,171 6,794 1,420 59^ 27 6 1 63O 4,818 181 1/ 30 2/159 5,188 645 50 7 2 704 1,168 61 12 1,021 78 8 1 2,715 129 19 3 2,866 595 35 5 1,241 799 56 7 5 867 493 1,085 483 597 572 475 47 9 3,369 14,810 9 3,394 15 5,037 12 4,808 145 144 25 30 30 5 50 50 8 29 28 6 37,369 2,237 17,252 878 129 229 18,488 6,669 182 62,708 Minne- Kansas Dallas apolis j City Cleveland New York 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 1 RichSt. Atlanta |Chicago Louis mond 1 (In millions of dollars) Philadelphia Total Boston * 1,108 * 2,588 * CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCCUNTS Contingent liability on acceptances purchased for foreign correspondents 1 556 551 Q6 1 .63,911, 135 27 27 4 3,427 15,124 7 3/ 35 3A5.9L 7 5,,l43_ 4,871 12 7 33 33 5 8 19 5_ 3_ 24 4 12 l~ 8,068 . FEDERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account Eligible paper U. S. Government securities Total collateral 39,818 I 2,358 9,013 2,287 3,456 3,535 2,371 7,237 1,510 733 1,484 1,272 4,5o2 6,6601 44o 43 I 34,638| 1,945 41,3411 2,385 1,000 600 888 550 1,100 225 18c 73; 2,950 2,678 1,900 6,4oo 2,434 3,550 3,566 2,450 7,500 625 752 1,300 9,200 315 9 i,3ic 1,634 127 8,200 500 3^ 1,900 1,130 1,310 4,30c 5,035 1/ After deducting $ 99 million participations of other Federal Reserve Banks, 2/ Includes IMF gold deposit. 3./ After deducting $100 million participations of other Federal Reserve Banks. 1,525 * Less than $500,000.
@FedFRASER