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vV^2!&: FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For Immediate release June 24, 1971 The average of daily figures of total reserves of member banks declined $254 million in the latest statement week to $29,953 million. Required reserves declined while excess reserves and member bank borrowings increased. A seasonal increase in float and a seasonal decline in currency in circulation were the major factors supplying reserves in the latest statement week. A sizable increase in Treasury deposits with Federal Reserve Banks, which had been reduced to very low levels over the previous two weeks, drained over $600 million of reserves. In addition, the redemption of special certificates issued by the Treasury earlier this month drained a substantial amount of reserves. System Open Market Operations in the last few days of the week provided reserves. Member bank borrowings averaged $618 million and exceeded excess reserves by $360 million compared to $165 million for the previous week. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U.S. Government securitiesBought outright--System account Held under repurchase agreements Special Certificates Federal Agency obligations — Held under repurchase agreements AcceptancesBought outright Held under repurchase agreements Discounts and advancesMember 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 Averages of da ily figures Week ended Change from week ended Wednesday June 23, June 24, June 16, June 23, 1971 1970 1971 1971 (In millions of dollars) 1/ 162 + + -- - 23 L 23 . 64,117 242 162 510 + 6,818 + 162 64,640 -- -- 23 53 288 62 28 + 1 28 + + 24 28 62 64 618 + 215 - 269 631 -- 2,935 1,007 68,953 10,332 + 4- + 493 670 155 689 2,169 62,181 90 -- 315 48 523 245 417 + 6,035 - 1,035 2,530 1,047 69,315 10,332 -— 400 7,429 87,114 58,005 -- + + - + + - + + 12 535 73 1 661 5 6 21 607 — + 425 + 5,425 + 3,833 + 9 525 52 111 20 + 3,134 400 7,434 87,481 58,050 493 719 181 701 2,197 62,341 Member bank reserves: «• 72 •4- 2,292 24,933 With Federal Reserve Banks 25,140 5,020 + 388 5,020 182 Currency and coin 30,160 254 + 2,680 29,953 Total reserves held 29,695 Required reserves 274 + 2,510 29,695 + 170 Excess reserves 258 20 465 + NOTE: A net of $112 million of surplus reserves were eligible to be carried forward from the week ended June 16, into the week ending June 23. On June 23, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $19,380 million, a decrease of $774 million for the week. 1/ Includes $73 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Change since June 23, June 16, June 24, 1970 1971 1971 A S S E T S _M M 970 10,075 Gold certificate account * -— 400 Special Drawing Rights certif. accts. + + 72 14 (824) 288 Cash + 370 - 209 631 Discounts and advances Acceptances: ... + 28 62 Bought outright • 64 64 64 + Held under repurchase agreements Federal Agency obligations-i_ + 53 53 53 Held under repurchase agreements U. S. Government securities Bought outright— + 996 +5 ,415 27,113 Bills -— 349 Certificates - Special - Other __ +1 ,887 34,307 Notes + 333 — 3,220 Bonds TT ]1/ 64.64U ,b3b 647 Total bought outright + + 288 288 + 288 Held under repurchase agreements + 935 +7 ,923 64,928 Total U. S. Government securities ,422 +1 +7 ,859 65,738 Total loans and securities -1 + 507 10,631 ,558 ,961) Cash items in process of collection (2 — 143 + 24 Bank premises - 518 + 63 904 Other assets If 59 +6 ,974 88,179 TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS (3 ,785) LIAlItlllls Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer—general account Foreign Other 3/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES (824) 135 +3,555 657 712 2 3 +1,368 -1,364 + 11 - 120 +3,559 - 417 65 - 114 +2,%3 + 467 51,140 25,140 719 181 (1) (1) (2,960) 701 26,741 8,101 (3,785) 86,530 548 + + + 55 +6,930 £ A P I T A L A C C O U N T S + 42 + 3 727 Capital paid in — + 33 702 Surplus + 58 31 220 Other capital accounts Contingent liability on acceptances purchased for foreign correspondents 230 10 + 2 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $73 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2J Includes assets denominated in foreign currencies and IMF gold deposited. 3/ Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, JUNE 23. 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 advances Acceptances Holdings Weekly changes T53B" Within 15 days 620 F53"" +325 16 days to 90 days 11 50 12,756 +125 17,899. —— 91 days to 1 year 23,563 —— Over 1 year to 5 ye.ars 5,896 -Over 5 years to 10 ye«ars 880 -Over 10 years 126 +988 64,981 631 Total —W— "W" STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 23, 1971 H.4.1(b) New Total Boston York Philadelphia Cleveland Richmond St. Atlanta Chicago Louis Minneapolis Kansas City San Dallas Francisco (In millions of dollars) A S S E T S Gold certificate account Special Drawing Rights certif. acct. 10,075 400 i 244 23 2,457 549 23 640 33 783 36 618 22 2,108 70 314 15 146 7 347 15 455 14 1,414 93 49 F. R. notes of other banks Other cash 824 288 92 10 213 24 38 9 44 28 63 37 177 37 31 34 19 18 16 9 30 27 20 19 81 36 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 631 28 43 55 86 76 19 209 8 6 7 15 79 62 64 — — 62 64 — — — — — — — — — — — — — — — — — — — — 53 — 53 — — — — — -- — — — — Cash items in process of collection Bank premises Other assets 2/ TOTAL ASSETS 1,324 6,862 1,431 2,076 1,997 1,348 4,473 1,008 -— !34,307 !1,675 ! 3,220 157 64,640 3,156 288 • -64,928 3,156 65,738 3,184 — 8,683 — 1,811 — 2,626 — 2,526 — 1,706 — 5,659 — 1,275 27,113 1/ 13,592 143 904 | 1 91,964 525 1,049 1,234 3,786 — — 1,329 — 1,561 — 4,791 815 170 246 237 160 531 120 665 63 125 146 450 16,360 288 3,412 -- 4,948 -- 4,760 -- 3,214 -- 10,663 -- 2,403 -- 1,253 — 2,503 -- 2,941 — 9,027 -- 16,648 16,870 3.412 3,467 4,948 5,034 4.760 4,836 3.214 3,233 10,663 10,872 2,403 2,411 1,253 1,259 2,503 2,510 2,941 2,956 9,027 9,106 811 2 52 2,330 743 3 43 979 18 55 1,001 1,382 2,241 13 55 17 36 17 111 695 14 25 524 16 14 900 18 29 816 9 1,170 8 331 33 8 120 4,418 22,326 4,875 6,831 6,824 5,522 15,484 3,511 1,991 3,876 4,322 11,984 1/ Includes $73 million securities loaned—fully secured by U,S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies and IMF gold deposited. STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON H.4.1(c) Total Boston New York Richmond Phila- Clevedelphia land Atlanta JUNE 23, 1971 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 accrtled 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:Lgn cor res pondents 51,964 2,897 12,383 3,037 4,204 4,594 2,531 9,119 1,999 902 1,947 2,030 6,321 25,140 719 181 702 26,742 11,061 687 1 8 * 696 721 6,304 711 1/ 63 1,580 1 14 1 1,596 840 1,249 * 8 7 1,264 837 1,685 * 11 3 1,699 1,158 4,103 1 24 6 4,134 1,893 864 1 5 * 7,735 1,637 1,117 * 8 3 1,128 598 870 566 592 1 4 * 597 445 1,090 1 7 3 1,101 739 1,532 * 9 2 1,543 634 4,337 2 20 20 4,379 993 143 21,898 27 4,790 43 6,683 39 6,734 27 5,415 88 15,234 20 3,455 11 1,955 20 3,807 25 4,232 78 11,771 i 548 ! 27 90,315 4,341 11 657 727 702 220 34 33 10 189 185 54 38 36 11 66 63 19 38 36 16 49 47 11 108 105 37 25 24 7 17 16 3 31 30 8 40 39 11 92 88 33 91,964 4,418 22,326 4,875 6,831 6,824 5,522 15,484 3,511 1,991 3.876 4.322 11.984 __ 11 3/ 12 21 _ J>30_ 60 12_ li- 15_ FEDERAL RESERVE AGENTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral \J 2/ 37 3,045 13,085 3,105 4,364 4,738 170 500 300 510 530 2,920 12,800 3,000 4,000 4,280 3,090 13,300 3,300 4,510 4,810 After deducting $ 118 million participations of other Federal Reserve Bahks. Includes IMF gold deposit. After deducting $ 170 million participations of other Federal Reserve Banks. 2,719 1 8_ 5_ LQ_ n 24_ ACCOUNTS 9,420 2,084 1,000 155 2,900 8,750 1.980 950 2,075 2,230 7,000 2,900 9,750 2,135 950 2,075 2,235 7,000 — * 934 2,011 2,179 6,640 5 Less than $500,000.
@FedFRASER