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FEDERAL RESERVE Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks For immediate release January 15, 1970 The average of daily figures of total reserves of member banks increased $206 million (net) in the latest statement week to $28,920 million. Required reserves increased reflecting the end-of-December rise in member bank deposits. Reserves were added in the latest week through a $1.0 billion increase in the gold stock, the first change in this account in well over a year. This reserve increase was partially offset by a decline in other Federal Reserve assets, reflecting a reduction in the System's holdings of foreign currencies. A new item, "Special Drawing Rights certificate account," is included on today's statement for the first time, reflecting monetization of $200 million of SDR!s, the new international monetary asset. System Open Market operations absorbed over $1.0 billion of reserves, on a weekly average basis. Member bank borrowings were about unchanged in the latest week and exceeded excess reserves by $861 million, compared to the revised figure of $584 million for the previous week. It should be noted that beginning with the current week, $50 million is being added to the preliminary figures for float, reserves at F.R. banks, and excess reserves, to correct for the average upward revision in these figures reported over the past year. 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 AcceptancesBought 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 certificate account Treasury currency outstanding Currency in circulation Treasury cash holdings Treasury deposits with F. F. 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 of daily figures Week ended Change from week ended Wednesday, Jan. 14, Jan. 7, Jan. 15, Jan. 14, 1970 1969 1970 1970 (In millions of dollars) 1/2/ 56,297 683 296 + 3,330 55,699 11 — 63 -- 177 1,006 43 66 -- - 2 35 864 + 10 3,745 1,874 62,846 11,367 + 42 - 857 - 1,860 + 1,000 + 677 - 1,032 + 3,163 + 1,000 3,079 1,877 61,724 11,367 200 6,856 81,269 53,040 659 1,262 181 678 1,997 57,818 23,452 5,468 28,920 28,917 3 + + 200 + 56 + 4,418 + 3,017 103 + 699 35 + 191 + 247 , + 4,017 + 402 49 + 353 + 582 229 1 200 6,856 80,147 52,889 652 1,194 122 703 2,037 57,597 22,551 5,468 28,019 28,917 - 898 - + + - + + + - 200 2 662 546 7 1 26 148 30 402 259 465 206 473 267 ,- A net of $157 million of surplus reserves were eligible to be carried forward from the week ended January 7, into the week ending January 14. 1/ Reflects $810 million of securities sold, aad scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $50 million securities loaned--fully secured by U.S, Government securities pledged with Federal Reserve Banks. On January 14, 1970, U.S. Government securities held in custody by the Federal Reserve Banks for foreign account were $7,328 million, an increase of $142 million for the week. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since Jan. 14, Jan. 7, 1 Jan. 15 1970 1970 | 1969 ASSETS Gold certificate account 11,036 +1,000 +1,011 Special Drawing Rights certificate account** 200 + 200 + 200 Cash 126 + 1 5 88 (1 ,089) Discounts and advances 1,006 + 842 + 49 Acceptances: Bought outright 63 10 Held under repurchase agreements Federal Agency obligationsHeld under repurchase agreements U. S. Government securities Bought outright— Bills 20,811 992 +2,805 Certificates Notes 31,392 +2,686 Bonds 3,496 -1,979 Total bought outright 1/ 2/ 55,699 992 +3,512 Held under repurchase agreements Total U. S. Government securities 55,699 +3,512 992 Total loans and securities 56,768 +3,571 - 151 Cash items in process of collection (2,574) 11,025 + 590 - 343 Bank premises 117 + 4 + 1 Other assets _3/ 1,760 -1,109 - 828 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3,663) 81,032 106 +4,179 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 4/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES £ A I II AL ACCOUNTS C a p i t a l paid in Surplus Other capital accounts Contingent liability on acceptances purchased for foreign correpondents (1,089) 46,479 506 +2,775 + + + + - 216 137 107 200 14 327 7 172 + 170 + 581 - 108 + 192 + 835 + 294 + 174 +4,078 673 669 134 '- -66 + + + 40 39 22 144 _ 1 + 36 22,551 1,194 122 703 (1) (1) 24,570 (2,573) 7,946 561 (3,663) 79,556 * Figures in parentheses are the eliminations mad6 in the consolidating process. 1/ Reflects $810 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions, "27 Includes $50 million securities loaned—fully secured by U. S. Government securities pledged with Federal Reserve Banks. 37 Includes assets denominated in foreign currencies and IMF gold deposited. 4/ Includes IMF gold deposit. **See Text on H.4.1 MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 14. 1970 (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 Federal Agency obligations Discounts and Holdings Weekly changes Acceptances advances -408 1,532 Within 15 days 1,001 14 -418 10,756 16 days to 90 days 5 49 -166 22,280 91 days to 1 year 12,811 Over 1 year to 5 years Over 5 years to 10 years 7,642 Over 10 years — 678 -992 63 Total 1,006 55,699 H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 14, 1970 Total A S S E T S Gold certificate account Special Drawing Rights certificate account F. R. notes of other banks Other cash 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 Boston New York Philadelphia Cleveland St Rich mond Atlanta Chicago (In millions of dollars) 1,101 899 492 1,769 11,036! 812 3,090 513 200 126 11 101 5 47 223 13 12 60 6 16 86 12 18 92 10 11 151 16 1,006 57 462 18 6 24 63 -- — -- 63 — — — — — -_ -- — — -- 20,811 1,056 -- _. 31,392 3,496 55,699 1,593 1,089 -. 5,069 — 1,119 — 1,613 -- 363 953 35 76 15 8 36 10 3 24 4 7 44 7 7 46 8 25 150 20 39 78 11 4 85 40 182 — — — — — -- — — -— — — — -- --_ — -- -- -- — -- __ __ 1,161 3,459 -- 766 — 812 -_ 896 -- 1,751 5,217 418 -632 70 2,886 -- 1,225 1,350 150 4,353 1,120 2,174 ~2 ,396 7,724 1,556 . — 2,347 177 852 188 271 261 195 581 13,567 2,994 4,318 4,164 3,107 9,257 1 ,052 — — -- 2,434 — — — — 17 235 667 10 53 546 6 13,684 3 ,222 1,985 2,994 3,012 4,318 4,324 4,164 4,188 3,107 3,146 9,257 9,335 Cash items in process of collection 13,599 117 Bank premises Other assets l^/ U760 807 2 80 2,573 737 2 81 886 7 130 1,044 1,300 2,202 9 615 11 18 95 84,695 4,701 20,662 4,423 6,562 6,355 5,229 1/ Includes assets denominated in foreign currencies and IMF gold deposited. -1,120 1,124 13,567 14,092 93_ — ,052 2 ,063 2,826 2,883 TOTAL ASSETS Francisco 424 2,826 1,687 Dallas 245 1,157 129 7,646 San 375 55,699 56,768 1 Louis Kansas City Minneapolis 7T 33_ 137 — — 2,174 ~2 ,396 2 ,436 2,259 --. 485 -7,724 7,906 894 18 63 781 8 80 1,162 3,716 3 ,729 10,427 9 202 H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANAURY 14, 1970 Total Boston New York Phila- Clevedelphia land RichAtlanta mond 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 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 ac(:eptances purchased for forejLgn correspondents ' 47,568 2,726 11,124 2,718 3,907 4,277 2,567 8,326 1,782 813 1,753 1,717 5,858 22,551 1,194 122 704 24,571 10,519 1,081 67 6 5 1,159 718 6,631 171 1/ 26 2/624 7,452 1,562 892 80 7 4 983 618 1,618 79 12 2 1,711 772 1,012 118 7 15 1,152 803 1,353 79 8 5 1,445 1,092 3,181 126 19 9 3,335 1,710 783 64 4 3 854 516 625 59 3 3 690 437 1,033 116 6 10 1,165 715 1,195 75 7 4 1,281 627 3,147 160 17 20 3,344 949 28 561 83,219 4,631 133 20,271 42 29 4,348 6,432 45 6,277 31 5,135 92 13,463 20 3,172 12 1,952 22 3,655 24 3,649 83 10,234 32 32 6 181 177 33 34 34 7 60 60 10 34 34 10 43 43 8 99 99 23 23 23 4 15 15 3 28 28 5 37 37 6 87 87 19 84,695 4,701 20,662 4,423 6,562 6,355 5,229 13,684 3,222 1,985 3,716 3,729 10,427 7 3/ 38 7 13 7 10 21 5 3 6 8 19 1,835 1,868 6,232 5 -- -— 673 669 134 144 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account Eligible paper U. S. Government securities Total collateral 50,138 2,855 11,714 2,814 4,178 4,440 3,222 180 500 300 510 545 — — — — — — — — 8,715 1,866 850 .1,000 155 27 — — — — — 48,162 2,717 11,400 2,620 3,750 3,955 2,850 7,950 1,780 835 1,875 1,930 6,500 51,384 2,897 11,900 2,920 4,260 4,500 2,850 8,950 1,935 862 1,875 1,935 6,500 1/ After deducting $ 96 million participations of other Federal Reserve Banks, 7/ Includes IMF gold deposit. 3/ After deducting $106 million participations of other Federal Reserve Banks. 2,771
@FedFRASER