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FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release February 29, 1968 H.4.1 The average of daily figures of total member bank reserves held during the week ended February 28, increased $330 million to $25,605 million. Estimated currency and coin of member banks increased $115 million and their reserve balances at the Federal Reserve Banks increased $215 million. Estimated required reserves increased $393 million; and estimated excess reserves decreased $63 million to $299 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $143 million, compared with the revised figure of $43 million the week before. The principal changes supplying average reserve balances with Federal Reserve Banks were increases of $281 million in U. S, Government securities bought outright, $37 million in member bank borrowings, and decreases of $64 million in currency in circulation and $29 million in Treasury deposits with F. R. Banks. The principal offsetting change was a decrease of $189 million in Federal Reserve float, Total Reserve Bank credit increased $126 million. As of Wednesday, February 28, holdings of U. S. Government securities bought outright were $297 million higher than a week earlier, and member bank borrowings were $561 million lover. Outright holdings of bills,' notes, and bonds increased $247 million, $33 million, and $17 million, respectively. 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 obligationsHeld under repurchase agreements ^Acceptances— Bought outright Held under repurchase agreements Discounts and advances— 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 F. R. accounts (net) Member bank reserves: With Federal Reserve Banks Currency and coin (estimated) Total reserves held Required reserves (estimated) Excess reserves (estimated) | Average.s of daily figures Week ended Change from week ended Wednesday, Feb. 28, Mar. 1, Feb. 21, Feb. 28, 1968 1967 1968 1968 (In millions of dollars) +4,782 - 222 48,785 -- 23 -- - 4 20 75 48,724 +281 -- -- — 58 -- — -- | 56 I 442 + 37 + 275 257 1,545 50,769 11,883 6,796 69,449 -189 +126 + 1 + 4 +132 - 131 +4,586 -1,225 + 363 +3,725 1,492 50,590 11,884 6,797 69,271 45,817 1,319 1,022 + + + - 64 14 29 7 6 9 84 +2,277 + 66 + 443 + 20 + 17 -1,059 +1,764 45,862 1,321 +215 +115 +330 +393 - 63 +1,960 + 222 +2,182 +2,042 + 140 147 461 -444 48,322 21,126 4,479 25,605 25,306 299 922 166 441 -533 48,179 1 21,092 4,934 26,026 25,519 507 On February 28, 1968, U. S. Government securities held in custody by the Federal Reserve Banks for foreign account were $8,913 million, an increase of $363 million for the week and an increase of $1,546 million from the comparable date a year ago. s CONSOLIDATED STATEMENT OP CONDITION 05 A U FEDERAL RESERVE BANkS (In millions of d o l l a r s ) Change since Wednesday Feb. 28, Feb. 21, ,Mar. 1, 1967 1968 1968 A S S E T S <•-1 ,349 9 ,447 Gold certificate account -+ 108 1,937 Redemption fund for F, R* notes -,24T 11,384 Total gold certificate reserves 9 + 71 430 (920) Cash + 142 561 257 Discounts and advances Acceptances: 18 2 56 Bought outright — •— ... 35 Held under repurchase agreements Federal Agency obligations-Held under repurchase agreements U. S. Government securities: Bought outright-+3,534 + 247 15,653 Bills ---4,351 Certificates +5,683 + 33 26,985 Notes + 17 52 6,147 Bonds +4,814 + 297 48,785 Total bought outright Held under repurchase agreements +4,814 48,785 + 297 Total U. S. Government securities +4,903 - ~TS? 49,098 Total loans and securities + 89 163 7,344 (1,987) Cash items in process of collection -+ 5 112 Bank premises +1,299 + 125 2,103 Other assets 1/ ~ 70,471 (2,907) "IB +5,126 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS H.4.1(a) h I h% 1L 11 IH ! Federal Reserve notes Deposits: Kember bank reserves U. S. Treasurer — general account Foreign Other 2/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES (920) 40,316 21,092 + 922 166 441 - (2) (2) 22,621 (1,985) 5,852 295 (2,907) 69,084 + - 92 +2,043 3 164 36 9 134 126 4 356 +2,337 + 447 + 33 10 +2,807 + 115 + 70 +5,035 C A P I T A L ACCOUNTS + 33 609 C a p i t a l paid i n + 28 -598 Surplus ' + 30 43 180 Other capital accounts Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on 4.7% 27,6% the following pages--not consolidated) Contingent liability on acceptances purchased 86 for foreign correspondents 117 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes assets denominated in foreign currencies and IMF gold deposited. 2/ Includes IMF gold deposits. MTURITY DISTRIBUTION OF LOANS ANDSECURITIES, FEBRUARY 28, 1968 (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 256 ~ ~ " 17 2,276 +14 Within 15 days 16 days to 90 days 1 39 10,678 +147 91 days to 1 year 25,839 +136 Over 1 year to 5 years 7,740 Over 5 years to 10 years 1,692 Over 10 years ~ -_560 _ ~ Total 257 +297 56 48,785 m. mm H.4,1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1968 Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas (In mi.llions c)f dollars) A S S E T S Gold certificate account JELedemption fund for F. R. notes Total gold certificate reserves San Francisco 9,447 1,937 11,384 554 110 664 2,183 472 2,655 522 101 623 726 156 882 929 176 1,105 525 107 632 1,660 328 1,988 364 67 431 168 32 200 351 75 426 312 70 382 1,153 243 1,396 F. R. notes of other banks Other cash 920 430 84 24 281 52 46 8 79 61 59 28 118 52 52 84 28 36 9 6 29 21 32 17 103 41 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 bought outright Held under repurchase agreements Total U. S. Government securities Total loans and securities 257 15 79 2 14 26 27 31 19 c 15 - 17 56 --- 56 -- --- --- -— --- --- — -- --- --- --- --- 15,653 816 3,947 810 1,189 1,128 784 2,532 552 319 605 648 2,323 -- -- -- -- -- -- -- -- -- -- -- -- -- 26,985 6,147 48,785 1 ,406 320 2 ,542 6,806 1,551 12,304 1 ,397 318 2 ,525 2,051 467 3,707 1,944 443 3,515 1 ,352 308 2 ,444 4,363 994 7,889 950 216 1,718 551 125 995 1,043 238 1,886 1 ,118 255 2 ,021 4,004 912 7,239 -- -- -- -- -- -- -- -- -- -- -- -- -- 48.785 1 2 ,542 2 ,557 49,098 12.304 12,439 2 ,525 2 ,527 3.707 3,721 3,515 3,541 2 .444 2 ,471 7.889 7,920 1,718 1,737 995 1,000 1.886 1,901 2 .021 2 ,028 7.239 7,256 9,331 112 2.103 571 3 93 1,708 10 714 547 2 100 675 5 165 740 8 105 799 20 113 1,531 18 275 463 8 64 298 3 41 614 17 81 557 9 102 828 9 250 73,378 3 ,996 17,859 3 ,853 5,588 5,586 4 ,205 11,868 2,767 1,557 3,089 3 ,127 9,883 Cash items in process of collection Bank premises Other assets 1/ TOTAL ASSETS -__ 1_/ Includes assets denominated in foreign currencies and IMF gold deposited. H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1968 Total Boston New York Phila- Clevedelphia land Richmond Atlanta Chicago St. MinneLouis apolis Kansas City Dallas San 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 accnled dividends TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on ace:eptances purchased for fore]-gn correspondents 41,236 2,437 9,632 2,377 3,313 3,777 2,295 7,210 1,529 703 1,534 1,381 5,048 21,092 922 166 443 22,623 7,837 868 44 8 884 51 9 2 946 443 1,472 48 15 1,535 595 976 103 9 5 1,093 620 1,081 52 11 920 557 5,866 139 1/ 40 27.411 6,456 1,333 1,145 666 3,001 80 25 1 2 3,108 1,296 736 65 6 1 808 373 509 46 4 2 561 255 896 75 7 2 980 504 1,133 59 10 1 1,203 455 3,670 160 22 16 3,868 740 295 71,991 15 3,929 79 17,500 14 3,780 23 5,466 21 5,511 14 4,120 47 11,661 10 2,720 6 1,525 11 3,029 12 3,051 43 9,699 609 598 180 29 29 9 157 154 48 32 32 9 55 54 13 31 31 13 38 38 9 90 87 30 21 20 6 14 14 4 27 26 7 35 34 7 80 79 25 73,378 3,996 17.859 3,853 5,588 5,586 4,205 11,868 2,767 1,557 3,089 3,127 9,883 117 6 11 6 17 4 3 5 7 15 _JL/__ 3 _°_ 6_ 7_ FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account!Eligible paper U. S. Government securities Total collateral 2,529 10,222 2,437 3,569 3,888 2,437 7,461 1,599 723 1,584 1,492 5,332 450 1,000 500 600 640 450 1,400 331 127 225 180 735 2,176 2,626 9,400 10,400 2,100 2,600 3,100 3,700 3,310 3,950 2,150 2,600 6,450 7,850 1,370 1,701 635 1,450 1,675 1,380 1,560 5,000 5,735 1/ After deducting $126 million participations of other Federal Reserve Banks. 2:/ Includes IMF gold deposit. 3/ After deducting $ 87 million participations of other Federal Reserve Banks. 762 * Less than $500,000.
@FedFRASER