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FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release February 28, 1974 The average of daily figures for total reserves of member banks declined $508 million in the latest statement week to $34,885 million. Required reserves and member bank borrowings at Federal Reserve Banks declined while excess reserves increased. An increase in float and declines in currency in circulation and Treasury deposits with Federal Reserve Banks were the major factors providing reserves in the latest statement week. System Open Market Operations absorbed $1,000 million reserves net, on a weekly average basis through outright sales of Treasury Bills and matched sale-purchase transactions. 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-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 4/ Other F.R. liabilities and capital Averages of daily Jfigures Week ended Change from week ended Wednesday, Feb. 27, Feb . 20, Feb. 28, Feb. 27, 1974 * 1974 1973 1974 * (In millions of dollars) 78,571 -- - 2,006 373 498 3 84 --- + - 1 43 1,255 16 _ - 122 2,434 828 85,165 11,567 400 8,756 105,888 70,439 344 2,651 260 679 3,030 77,403 + 72 4 131 41 -1 ,032 - __ __ + 6 -1 ,026 - 247 + 10 - 193 - 67 3 + 80 - 419 +7,418 - 163 + + 702 9 1/2/78,547 ~" 1 2,001 -- 6 45 69 224 16 1,195 17 - 249 . + 134 +7,557 +1,157 -+ 385 +9,099 +5,874 45 - 420 - 112 + 8 + 524 +5,829 -- 2,214 848 84,874 11,567 400 8,756 105,597 70,583 352 2,337 273 689 3,050 77,284 Member bank reserves: _ 607 With Federal Reserve Banks 28,485 +3,269 28,313 Currency and coin + 99 + 544 j _6^33_ 6,333 Total reserves held 3/ 34,885 +3,601 1 34,713 - 508 Required reserves 34,644 34,644 +3,339 - 625 Excess reserves 3/ 69 241 + 117 + 262 NOTE: A net of $128 million of surplus reserves were eligible to be carried forward from the week ended February 20, into the week ending February 27. On February 27, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $25,000 million, a decrease of $149 million for the week. 1/ Excludes $370 millbn securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $83 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Adjusted to include $67 million of certain reserve deficiencies on which penalties can be waived for a transition period in connection with bank adaptation to Regulation J as amended effective November 9, 1972. 4/ Includes $36 million of certain deposits of domestic non-member banks and for eign-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. * Estimated (New York and Cleveland Districts). H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Change since "** Wednesday Feb. 28, Feb. 20, Feb. 27** 1973 1974 1974 A S S E T S Gold certificate account 11,460 +1,157 — Special Drawing Rights certif. accts. 400 * — — Cash (1,326) 302 2 64 Loans 1,195 - 369 + 133 Acceptances—Bought outright 10 69 2 Held under repurchase agreements - 154 — - 188 Federal Agency obligations—Bought outright 2,001 8 + 707 Held under repurchase agreements 33 — - 327 U.S. Government securities: Bought outright—Bills 36,777 +5,125 491 Certificates Other Notes 38,796 +1,957 .. Bonds 2,974 - 527 •Total bought outright 78,547 - 491 +6,555 1/ IL Held under repurchase agreements -2.221 - 628 « Total U.S. Government securities -2.712 78.547 +5,927 Total loans and securities 81,812 -3,104 +6,068 Cash items in process of collection (1,548) 7,933 -1,523 - 650 Bank premises 225 + 31 — Other assets y/ + 58 623 + 82 TOTAL ASSET? (2,874) 102.755 -4.571 +6.624 Federal Reserve notes Deposits: Member bank-reserves account U. S. Treasurer—general account Foreign (1,326) 273 689 Other y Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES C A P I T A L A C C O U N T S Capital j>aid in "~ Surplus Other capital accounts 62,374 28,233 2,337 (1,548) 31,532 5,799 (2,874) 100,674 969 861 844 376 - 242 -2,814 - 526 69 + 34 -3,375 - 990 54 -4,661 +5,419 + 581 + 264 - 182 + 56 + 719 + 10 + 274 +6,422 + + + + 3 — + 87 60 51 91 Contingent liability on acceptances purchased for foreign correspondents 595 7 + 355 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Excludes $370 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. II Includes $83 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. II Includes assets denominated in foreign currencies. 4/ Includes $36 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. ** Estimated (New York and Cleveland Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES. FEBRUARY 27r 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 Loans securities AcceptWeekly Holdings Weekly ances Holdings Changes changes Within 15 days 1,185 29 5,730 -1 ,880 -292 48 16 days to 90 days 19,026 10 40 63 - 28 - 892 91 days to 1 year 21,979 248 - 11 -— + 60 Over 1 year to 5 years 22,235 846 - 4 — — — Over 5 years to 10 years 7,780 557 — -— — Over 10 years 1,797 239 —_ -— -Total 1,195 78,547 -2,712 2,001 69 -335 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 27, 1974 H.4.1tb) Total Boston New York Philadelphia Cleveland Richmond 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. 11,460 400 514 23 3,269 93 774 23 629 33 1,059 36 693 22 1,900 70 238 15 183 7 256 15 286 14 1,659 49 F.R. notes of other banks Other cash 1,326 302 101 19 253 28 43 4 101 36 135 32 172 41 96 32 30 20 18 10 35 32 108 15 234 33 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/ 2/ Held under repurchase agreements Total U.S. Government securities Total loans and securities 1,195 94 106 93 78 163 98 75 118 12 51 78 229 — — 69 •_ — -— — — — -_ _-- -_ -«. --- «... -- .» -.90 267 1,649 4,916 Cash items in process of collection Bank premises Other assets 3/ TOTAL ASSETS 69 — 2,001 — 36,777 — 38,796 — 91 525 108 150 147 111 309 79 42 82 — — — — — — — -«. -• __ 1,991 2,761 768 1,499 1,673 — 9,653 -- — — 2,709 — 2,974 1 78,547 1,764 135 3,572 10,183 781 20,617 2,100 161 4,252 2,913 223 5,897 5,786 78.547 81,812 3.572 3,757 20.617 21,317 4.252 \ 453 5.897 6,125 5,796 6,096 9,481 225 623 333 46 24 1,644 10 181 349 11 105,629 1 4,817 26,795 5,694 32— _ 567 27 4Q .„ 7,558 2,858 219 2,034 .. 5,672 — 1,452 — -- -- 810 62 1,640 1,581 121 3,201 1,740 133 3,522 5,185 397 10,498 4,345 .712,115 J~3AoT~ " 1.640 10.498" 10,994 2,146 165 4,345 5,984 459 12,115 1,532 118 3,102 ... „._ „«, »_ 3,299 1,694 3.201 3,334 3.522 3,690 1,382 410 16 14 4 5 _ _ i f l _ „ _ Z 6 _ _ —^20^. 420 35 18 761 17 20 723 12 23 1,057 8 109 2,385 4,470 4,871 14.143 4,554 877 14 958 15 8,294 6,485 12,499 16,071 4,046 17 Excludes $370 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2J_ Includes $83 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies. H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 27, 1974 New Total Boston York Phila- Clevedelphia land Richmond St. Atlanta Chicago 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 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 foreign correspondents 63,700 3,148 15,692 4,026 5,110 5,720 3,350 10,563 2,546 1,160 2,454 2,388 7,543 28,233 2,337 989 202 11 4 7,945 1,041 1,526 1,468 2,067 3,793 5,111 144 23 1 175 15 23 191 19 15 208 42 16 97 11 5 159 15 6 303 34 14 1,231 1,694 1,681 2,292 4,059 1,086 1,257 1,826 5,462 283 501 702 639 981 305 612 146 6 1 765 390 1,646 158 13 19 891 176 9 10 1,144 378 636 507 729 258 49 16,i63 5,589 75 68 56 143 37 23 37 42 138 7,380 8,171 6,337 15,746 3,974 2,338 4,384 64 62 22 134 132 59 28 29 15 20 20 7 36 35 15 6,485 _ 16,071 4,046 2,385 4,470 20 14 25 33 76 1,196 2,575 2,551 8,006 273 689 31,532 7,347 1,206 334 1/ 75 575 8,973 1,340 969 43 103,548 4,731 861 844 376 35 34 17 222 215 95 42 42 21 76 74 28 48 47 28 105,629 4?817 2&?795 5,694 7,558 8,294 595 25 2/152 29 52 33 43 93 4,763 13,872 46 46 16 110 108 53 4,871 14.143 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral 3,319 175 16,696 — 4,094 57517 57930 400 350 625 57689 — 10,881 27679 700 3,230 16,850 3,800 5,200 5,390 3,900 10,600 3,405 16,850 4,200 57550 §7015 57900 11,300 5 2.J35 2/735 1,240 17240 2,700 2,700 2,655 2,660 1/ After deducting $ 198 million participations of other Federal Reserve Banks. 2/ After deducting $443 million pariticipations of other Federal Reserve Banks. 3/ Includes $36 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 System1s program of credit restraint. * Estimated (New York, Cleveland Districts). 8,300 8,300
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