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FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release January 7, 1971 The average of daily figures of total reserves of member banks increased $838 million to $30,579 million in the latest week. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks also increased. Several factors drained reserves by significant amounts in the latest statement week. These include a rise in other deposits with Federal Reserve Banks, a decline in the gold stock, reflecting a quota payment to the IMF, and a decrease in float. Offsetting these reserve declines were a seasonal fall in currency in circulation and decreases in both Treasury deposits with Federal Reserve Banks and other F.R. liabilities and capital. In addition, System Open Market operations provided $801 million in reserves net, on a weekly average basis. Member bank borrowings were $174 million less than excess reserves compared to the previous week when excess reserves exceeded borrowings by $68 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 Federal Agency obligations— Held under repurchase agreements Acceptances Bought 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 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 Other F. R. liabilities and capital Member bank reserves: Tfith Federal Reserve Banks Currency and coin Total reserves held Required reserves Excess reserves NOTE: Averages of d a i l y f i g u r e s Week ended Change from week ended Wednesday, Dec. 3 0 , Jan. 6, J a n . 7, Jan. 6, 1971 * 197Q 1970 1971* (In millions of dollars) 1/ 62,091 +5, 111 2/ 61,785 + 537 327 + 31 261 + 185 59 58 40 407 4,355 1,164 68,500 10,732 51 + + + 137 _ 200 + 67 + 805 - 385 400 7,148 86,780 57,021 2 26 — - + - 430 973 154 + 1,053 2,006 61,637 25,143 5,436 30,579 29,998 + + + 581 + - + - 23 397 403 21 232 8 342 225 505 902 64 838 595 243 16 94 6 5 59 93 - 445 286 + + 648 -1,567 +3,792 + 365 + 400 + 290 +4,846 +3,435 - 236 - 290 53 + 523 + 39 +3,417 +1,430 + 453 +1,883 +1,587 1 + 296 4,773 1,160 68,511 10,732 400 7,150 86,793 56,901 429 1,105 154 727 2,029 61,345 25,448 5,436 30,884 29,998 886 A net of $210 million of surplus reserves were... eligible to be carried forward from the week ended December 30, into the week ending January 6. On January 6, 1971, marketable U.S. Government securities held in custody by the- Federal Reserve Banks for foreign and international accounts were $11,190 million, a. decrease of $92 million for the week, 1/ Excludes $325 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $33 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. * Estimated (San Francisco District). CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of doll*irs) Change since Wednesday De c. 30, Jan. 7, Jan. 6, 1970 1970 1971 ** ASSETS + 428 378 10,464 Gold certificate account + 400 400 Special Drawing Rights certif. accts. 8. * + 108 219 Cash (1,111) Discounts and advances + 123 286 33 Acceptances: + 3 5 Bought outright 59 Held under repurchase agreements + 93 + 93 93 Federal Agency obligations-94 94 94 Held under repurchase agreements U. S. Government securities : Bought outright— +3,805 Bills 25,608 +1,044 Certificates Notes +1,844 33,236 + 54 Bonds - 555 55 2,941 + Total bought outright +5,094 +1,153 61,785 1/ 2/ Held under repurchase agreements + 261 261 + 261 Total U. S. Government securities 62,046 +1.414 +5,355 Total loans and securities +5,660 +1,637 62,578 Cash items in process of collection (2,760) +1,802 12,880 +1,447 Bank premises — + 12 128 Other assets Jty 1,032 + 50 -1,556 TOTAL ASSETS/LIABILITIES 6* CAPITAL ACCOUNTS (3,871) 87,701 +3,111 +6,499 H.4.1(a) LIABILITIES 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 (1,111) (2,760) TOTAL LIABILITIES (3,871) 50,131 434 +3,146 25,448 1,105 154 727 27,434 8,107 567 86,239 +3,203 - 166 + 19 9 +3,047 + 718 + 7 +3,338 +2,617 + 48 75 + 224 +2,814 + 488 1 +6,447 C A P I T A L . A C C O U N T S __ 702 Capital paid in*" + 29 Surplus + 32 701 + 32 Other capital accounts 59 - 259 9 Contingent liability on acceptances purchased for foreign correspondents 249 1 + 104 * Figures in parentheses are the eliminations made in the consolidating process. _1/ Excludes $325 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2/ Includes $33 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 3/ Includes assets denominated in foreign currencies and IMF gold deposited. 47 Includes IMF sold deposit. . **Estimated (San Francisco District). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JANUARY 6. 1971 (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 Acceptances Holdings Weekly changes advances Within 15 days 285 105 3,058 + 835 16 days to 90 days + 586 1 47 12,481 ._ -_ 91 days to 1 year 22 20,797 -_. Over 1 year to 5 years + 82 19,089 __ _«. Over 5 years to 10 years + 6,046 17 Over 10 years _.. + 10 669 Total 286 152 62,140 +1 ,508 mm « . H.4.1(b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 6, 1971 Total Boston Phila- Cleve- Rich- Atlanta Chicago New mond York delphia land 1 __ (In millions of dollars) St. Louis Kansas City Minneapolis Dallas San Fran- . * cisco ASSETS Gold certificate account Special Drawing Rights certif. acct. 10,464 400 838 23 2,048 93 559 23 985 33 965 36 501 22 2,334 70 329 15 121 7 200 15 421 14 1,163 49 1,111 219 123 9 — 201 19 65 10 78 25 89 14 228 29 67 32 32 12 33 6 40 17 42 14 113 32 2 — -- — — 280 — 1 3 — -- — 59 93 — — -— » -- 93 ! — — — — — -- -— — -- --- 94 94 -- -- -- -- - 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 1/2/ Held under repurchase agreements Total U. S. Government securities Total loans and securities Cash items in process of collection Bank premises Other assets 3/ TOTAL ASSETS 1/ 2/ 3/ 286 1 1 59 — — -- 25,608 1,253 6,529 1,344 1,998 1,906 1,330 4,033 939 502 1,000 1 ,160 3,614 33,236 2,941 61,785 261 62,046 62,578 1,626 8,474 750 144 3,023 15,753 261 — 3,023 16,014 3,023 16,262 1,744 154 3,242 — 3,242 3,242 2,593 2,474 229 219 4,820 4,599 — _4,820 4,599 4,820 4,599 1,727 153 3,210 — 3,210 3,210 5,234 463 9,730 -9,730 10,010 1,219 108 2,266 -2,266 2,266 652 58 ,212 T -,212 1 ,213 1,298 115 2,413 -2,413 2,416 1 ,505 133 2 ,798 -,798 ~~T 2 ,798 4,690 415 8,719 -8,719 8,719 3,238 8 381 713 3 48 1,011 12 68 1,142 11 60 1,385 17 47 2,532 17 129 784 12 30 614 12 18 1,053 18 37 911 8 42 1,374 8 116 4,957 22,250 4,663 7,032 6,916 5,439 15,191 3,480 2 ,024 3,796 4.,250 11,574 15,640 128 I 1,032 I 91,572 883 2 56 r Excludes $325 million of securities sold, and scheduled to be bought back, under matched sale-purchase transactions. Includes $33 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. Includes assets denominated in foreign currencies and IMF gold deposited. * Estimated. H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 6, 1971 Total 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 forej gn correspondents Boston New York Phila- CleveRich- Atlanta Chicago mond delphia land (In millions of dollars) St. Louis Minneapolis Kansas City San Dallas Francisco * 51,242 2,911 12,193 2,923 4,186 4,587 2,619 8,969 1,948 873 1,871 1,940 6,222 25,448 1,118 1,105 100 7,014 972 89 8 2 1,731 1,243 1,446 4,009 112 10 137 23 4 27 9 2 79 20 24 1,071 1,819 1,344 4,157 853 868 4,173 1,741 1,535 564 589 993 46 43 3 7 4 3 642 1,046 796 463 4,034 84 8 9 802 39 5 1 847 615 1,497 73 14 1 669 930 88 20 13 21 25 81 14,971 3,430 1,991 3,734 4,169 11,390 24 24 2 16 16 1 30 30 2 39 39 3 88 87 9 15.191 3.480 2.024 3.796 4.250 11.574 6 10 14 32 908 1,954 2,065 6,604 154 727 7 1 27,434 1,226 10,867 724 276 1/ 40 7/675 8,005 1,519 1 ' 1,569 1,125 28 148 30 43 41 29 90,110 4,889 21,865 4,588 6,901 6,840 5,342 33 33 2 185 185 15 36 36 3 63 63 5 36 36 4 47 47 3 91,572 4,957 22,250 4.663 7.032 6.916 5.439 567 702 701 59 249 12. 3/ 66 13_ 22_ il_ IS 105 105 10 3J_ S_ FEDERAL RESERVE AGENTS' ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account Eligible paper U. S. Government securities Total collateral 1/ 2/ 3/ |3,059 12,813 2,998 4,361 4,730 250 500 300 510 610 |2,840 12,400 2,800 3,900 4,160 2,900 8,450 1.930 930 1,975 2,130 7,000 13.090 12,900 3.100 4.410 4.770 After deducting $ H 4 million participations of other Federal Reserve Banks. Includes IMF gold deposit. After deducting $ 183 million participations of other Federal Reserve Banks. 2.900 9.45Q 2.035 930 1,975 2,135 7,000 2,854 9,318 2,032 1,000 155 * 5 Estimated,
@FedFRASER