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FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release March 1, 1973 The average of daily figures for total reserves of member banks declined $670 million in the latest statement week to $31,306 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. A seasonal decline in currency in circulation was the major factor supplying reserves in the latest statement week. Reserves were absorbed by increases in both Treasury deposits and foreign deposits with Federal Reserve Banks. In addition, System Open Market operations absorbed $62 million reserves net, on a weekly average basis primarily through maturing repurchase agreements made in the previous week. Some reserves were supplied during the week through outright purchases of Treasury bills and repurchase agreements. Member bank borrowings averaged $1,479 million and exceeded excess reserves by $1,479 million compared to the revised figure of $1,224 million in the previous week. 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-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: With Federal Reserve Banks Currency and coin Total reserves held 2_/ Required reserves Excess reserves 2/ NOTE: Averages of daily figures Week ended Change from week ended Wednesday, Feb. 28, Feb. 21, Mar. 1, Feb. 28, 1973 1973 * 1972 1973 * (Irl millions of dollars) 71,153 +381 -261 +3,260 + 163 - 7 - 53 + + 575 9 1,294 9 78 45 - 5 -117 + + 14 45 79 154 1,479 -191 +1,412 1,565 2,710 - 6 + 29 -231 - 737 + 29 +4,768 + 822 2,624 163 1,304 691 77,631 10,410 400 8,371 96,813 64,567 389 3,071 372 675 2,505 71,579 25,234 5,793 31,306 31,306 -- --- 1/ 71,992 628 33 713 79,082 10,410 -- 400 + 19 -210 -176 4- 4 +570 +102 + 18 + 75 +594 + 553 +6,145 +4,871 + 20 +1,732 + 153 + 85 + 236 +7,098 8,386 98,278 64,712 -804 +134 -670 -224 -446 + - 953 366 308 226 82 390 2,073 455 662 2,564 70,856 27,422 5,793 33,494 31,306 2,188 A net of $252 million of surplus reserves were eligible to be carried forward from the week ended February 21, into the week ending February 28. On February 28, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $32,067 million, a decrease of $1,183 million for the week. \_l Includes $90 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2_/ Adjusted to include $279 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. The adjustment amounted to $450 million from November 9, through December 27. ' Estimated (Cleveland, Chicago and San Francisco Districts). H.4.1(a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday Feb. 28, 1973 A S S E T S Gold certificate account Special Drawing Rights certif. accts. Cash 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 Notes Bonds Total bought outright Held under repurchase agreements Total U.S. Government securities Total loans and securities Cash items in process of collection Bank premises Other assets 2j TOTAL ASSETS Federal Reserve notes Deposits: Member bank—reserves account U. S. Treasurer—general account Foreign Other Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES * (1,584) 10,303 400 360 1,565 Change since Feb. 21, Mar. 1, 1973 1972 + 828 -- -- 3 33 17 1 + 35 +1,507 + 16 + 154 + 567 + 33 31,652 +1,375 +2,906 +1,375 + 474 +1,849 +3,057 -1,646 1 + 43 +1,450 805 136 +3,847 + 628 +4,475 +6,752 -2,997 + 40 34 +4,624 79 154 1,294 36,839 3,501 71,992 1/ 628 72,620 75,745 (1,778) 8,237 194 519 (3,362) 95,758 (1,584) 56,969 27,342 2,073 455 662 30,532 (1,778) 5,693 688 (3,362) 93,882 £ A I I 1 k L A C C O U N T S , Capital paid in Surplus Other capital accounts 801 793 282 Contingent liability on acceptances purchased for foreign correspondents 239 +1,172 + 3 + 51 + + - 196 +4,021 -1,285 + 180 +2,897 -1,354 +4,409 +1,317 + 945 .+ 318 + 87 +2 ,667 -2 ,717 40 + 163 +1,387 +4,522 19 63 + + + 46 51 5 27 * Figures in parentheses are the eliminations made in the consolidating process. 1/ Includes $90 million securities loaned--fully secured by U. S. Government securities pledged with Federal Reserve Banks. 1^1 Includes assets denominated in foreign currencies. ** Estimated (Cleveland, Chicago, and San Francisco Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES. FEBRUARY 28, 1973 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Federal Agency Accept U. S. Government securities •ances obligations Loans Holdings Weekly Holdings Weekly changes Changes Within 15 days + 436 1,559 4,609 • 47 - 5 175 16 days to 90 days + 2 20,753 + 339 6 58 40 — — 91 days to 1 year 13,540 +1,074 - 8 191 — — — Over 1 year to 5 years 28,021 611 - 7 Over 5 years to 10 years — — — — 4,119 247 Over 10 years — — — — 1,578 191 Total 1,565 72,620 +1,849 1,327 233 -18 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1973 H.4.Ub) Total Boston New York Philadelphia Cleveland * Richmond Atlanta Chicago^ St. Louis Minneapolis Kansas City Dallas San Francisco1* (In millions of dollars) A S S E T S 10,303 400 697 23 1,644 93 253 23 751 33 844 36 229 22 2,067 70 417 15 313 7 370 15 580 14 2,138 49 F.R. notes of other banks Other cash 1,584 360 194 19 315 24 56 13 92 41 131 42 271 44 112 44 26 25 26 6 31 44 74 15 256 43 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 sought outright 1/ Held under rafwirchase agreements Total U.S. Gewcnment securities Total loans and securities 1,565 81 635 43 56 60 75 239 48 57 82 10 179 79 154 —_ 79 154 -- -- — -- -- -- — -- -- -- 1,294 33 57 342 33 65 -- 98 — 97 -- 72 — 210 -- 48 -- 25 — 52 -- 56 -- 172 -- 31,652 1,390 8,363 1,596 2 ,386 2 ,363 1,749 5,134 1,179 616 1,279 1 ,376 4,221 36,839 3,501 71,992 628 72,620 75,745 1,618 154 3,162 3,162 3,300 9,733 925 19,021 628 19,649 20,892 1,858 176 3,630 -3,630 3,738 2 ,777 264 5,427 — 5 ,427 5,581 2,750 261 5,374 — 5 ,374 5 ,531 2,036 194 3,979 -3,979 4,126 5,976 568 11,678 — 11,678 12,127 1,373 130 2,682 -2,682 2,778 716 68 1,400 -1,400 1,482 1,489 142 2,910 — 2,910 3,044 1 ,601 152 3 ,129 -3 ,129 3 ,195 4,912 467 9,600 -9,600 9,951 Cash items in process of collection Bank premises Other assets %j 10,015 194 519 373 29 24 1,585 7 134 1,047 5 35 572 27 37 1,031 13 37 1,160 15 29 951 16 72 455 14 17 402 31 12 638 17 22 620 12 35 1,181 8 65 99,120 4,659 24,694 5,170 7,134 7,665 5,896 15,459 3,747 2,279 4,181 4 ,545 13,691 Gold certificate account Special Drawing Rights certif. acct. TOTAL ASSETS 1/ 2/ * 1 ~ ™ Includes $90 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. Includes assets denominated in foreign currencies. Estimated (Cleveland, Chicago and San Francisco Districts). H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1973 Total Boston New York Phila- Cleve-* delphia land Richmond * Atlanta 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 ace.eptances purchased for forei-gn corre s pondent s 58,553 3,038 14,635 3,575 4,640 5,209 3,014 9,775 2,279 1,035 2,285 2,217 6,851 27,342 2,073 1,057 7,149 1,280 1,677 4,076 5,338 252 18 13 161 25 8 183 55 35 127 15 3 169 19 5 261 44 21 1,143 1,805 1,563 1,871 4,349 1,214 1,746 5,664 326 476 737 843 938 700 101 8 1 810 373 1,553 165 32 1 857 120 12 4 993 388 1,069 319 979 131 17 16 1,607 84 15 2 577 454 843 29 95 455 662 30,532 7,471 1,158 355 1/195 553 8,216 1,161 688 30 192 34 48 51 40 99 24 19 27 97,244 4,581 24,204 5,078 6,969 7,560 5,768 15,161 3,684 2,237 4,103 801 793 282 33 34 11 207 207 76 39 39 14 72 72 21 43 42 20 57 55 16 127 124 47 27 27 9 19 18 5 34 33 11 99,120 4.659 24,694 5,170 7,134 7,665 5,896 15,459 3,747 2,279 4,181 239 10 2/ 62 12 22 12 17 38 8 5 10 13 30 1,063 2,369 2,343 7,307 4,446 13,453 43 43 13 100 99 39 4,545 13,691 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral 15,472 3,290 15,850 15,850 3,635 4,845 5,415 200 350 501 3,500 3,700 4,700 5,050 4,950 5,451 \J After deducting $ 260 million participations of other Federal Reserve Banks. 2/ * After deducting $ 177 million participations of other Federal Reserve Banks. Estimated (Cleveland, Chicago and San Francisco Districts). 3,293 3,500 3,500 10,097 2,384 700 155 9^900 10,600 2,330 2,485 5 1,100 1,100 2,450 2,450 2,480 2,485 7,600 7,600
@FedFRASER