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• ••ofcowA-. 'f^Ti^V FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks H.4.1 For immediate release March 15, 1973 The average of daily figures for total reserves of member banks declined $408 million in the latest statement week to $31,623 million. Required reserves, excess reserves and member bank borrowings at Federal Reserve Banks all declined. Increases in Treasury deposits with Federal Reserve Banks and currency in circulation were the major factors absorbing reserves in the latest week. Offsetting these reserve drains were an increase in float and a decline in other Federal Reserve liabilities and capital. In addition, System Open Market operations provided $293 million reserves net, on a weekly average basis, through outright purchase of Treasury bills and repurchase agreements. Member bank borrowings averaged $1,491 million and exceeded excess reserves by $1,400 million as compared to $1,383 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 JEigures Week-ended Change from week ended Wednesday, Mar • 7, Mar. 14, Mar. 14, Mar. 15, 1973 1973 1973 1972 (Irl millions of dollars) + 162 + 128 -+4,000 + 60 + 6 11 + + 526 14 1,280 59 78 38 -_ 2 + + 14 5 78 88 1,491 • 196 +1,478 1,822 2,873 790 78,980 10,410 400 8,402 98,192 65,156 376 4,129 335 670 2,404 73,070 + 283 + 41 59 + 41 +6,079 + 822 -+ 554 +7,456 44,934 1 +3,375 + 164 + 74 + 235 +8,782 3,340 874 80,459 10,410 400 8,407 99,676 65,400 378 4,321 311 668 2,439 73,517 72,051 348 1,288 23 25,122 6,222 31,623 31,532 91 421 --+ 15 + 436 + 473 9 + 952 8 22 - 205 +1 ,181 + _ 745 + 337 - 408 - 195 - 213 -1,326 + 562 - 485 - 183 - 302 1/ I 72,279 639 26,160 6,222 32,661 31,532 1,129 A net of $170 million of surplus reserves were eligible to be carried forward from the week ended March 7, into the week ending March 14. On March 14, 1973, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $32,675 million, a decrease of $185 million for the week. V Includes $1Q5 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 and Minneapolis Districts). CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars0 Change since Weidnesday ** March 15, March 7, M<arch 14, 1972 1973 1973 A S S E T S — mm + 828 10,303 Gold certificate account * — — Special Drawing Rights certif. accts. 400 — Cash + 43 (1,180) 365 1,822 +1,795 + 689 Loans -Acceptances--Bought outright + 11 78 Held under repurchase agreements + 88 + 88 88 Federal Agency obligations—Bought outright + 470 1,280 14 Held under repurchase agreements + 59 + 59 59 U. S. Government securities: Bought outright—Bills 31,939 +1,487 +3,422 Certificates Notes + 763 36,839 Bonds + 102 3,501 Total bought outright +4,287 +1 ,487 72,279 1/ Held under repurchase agreements + 639 639 + 639 Total U.S. Government securities +2 ,126 +4,926 72,918 Total loans and securities +2 ,948 +7,349 76,245 Cash items in process of collection - 141 -3,336 9,360 (1,888) Bank premises 1 + 38 197 + Other assets 2/ + 46 677 + 79 TOTAL ASSETS +2 .887 +4,968 (3,068) 97,547 H.4.1(a) L I A B U I i n S 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 £ AZ11LL (1,888) 31,380 6,100 682 + 286 +2 ,165 + 522 + 15 + 33 +2 ,735 + 42 26 + (3,068) 95,790 4-3,089 (1,180) 57,628 26,080 4,321 311 668 +4,500 - 511 +3,470 + 127 + 48 +3,134 -2,959 + 177 +4,852 ACCOUNTS Capital paid in Surplus Other capital accounts 804 793 160 Contingent liability on acceptances purchased for foreign correspondents 267 + 2 - 204 + + + 48 51 17 * Figures in parentheses are the eliminations made in the consolidating process. \_l Includes $105 million securities loaned--fully secured by U. S. Government securities pledged with Federal Reserve Banks. 2y Includes assets denominated in foreign currencies. ** Estimated (Cleveland and Minneapolis Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 14, 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 obligations -ances securities Loans Holdings Weekly Holdings Weekly Changes changes Within 15 days 1,811 4,782 +1,684 59 +45 111 16 days to 90 days 11 55 21,537 + 104 60 +20 91 days to 1 year -12,881 + 338 214 +23 Over 1 year to 5 years — — 28,021 568 -43 Over 5 years to 10 years — — — 4,119 247 Over 10 years -— — 1,578 — 191 Total 1,822 72,918 +2,126 1,339 166 +45 H.4.Ub) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 14, 1973 Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Da lias San Francisco (1.n millions of dollars) A S S E T S Gold certificate account Special Drawing Rights certif. acct. 728 33 641 36 344 22 2,158 233 15 251 / 386 15 441 14 2,173 70 12 79 43 103 40 231 44 68 45 18 25 18 6 29 44 56 15 165 46 834 23 89 67 96 347 107 50 81 66 32 --- 78 88 --- --. --- --- --- --- --- --- --- -- 1,280 59 56 -- 338 59 64 -- 96 _- 95 -- 71 -- 208 -« 48 -- 25 -- 52 -- 56 -- 31,939 1,403 8,439 1,610 2,407 2,385 1,765 5,180 1,190 621 1,291 1 ,389 4,259 -1,489 142 -1 ,601 152 4,912 130 -_ 716 68 2,693 1,405 2,922 ~~T,142 9,638 -- -- 387 23 10,303 400 660 23 F.R. notes of other banks Other cash 1,180 365 1.65 22 7 £- JL 18 27 Loans Acceptances: Bought outright Held under repurchase agreements Federal Agency obiigations-Bought outright Held under repurchase agreements U.S. Government securities: Bought outright-Bills Certificates: Other Notes Bonds Total bought outright 1/ Held under repurchase agreements Total U.S. Government securities Total 1cans and securities 1,822 30 78 88 -36,829 3,501 72,279 639 72,918 76,245 154 925 176 264 261 194 568 3,175 19,097 3,644 5,448 5,396 3,995 11,724 -- 639 -- -- -. -- -- -- 3,175 3,261 19,736 21,133 3,644 3,731 5,448 5,633 5,396 5,558 3,995 4,162 11,724 12,279 2,693 2,848 1,405 1,480 Cash items in process of collection Bank premises Other assets 2/ 11,248 197 677 393 31 27 1,590 1,128 1,264 1,502 13 85 15 37 16 91 526 14 21 483 32 15 681 17 22 648 12 25 1,258 5 40 547 27 45 1,228 7 162 100,615 4,578 25,140 5,347 7,135 7,704 6,119 16,229 3,700 2,292 4,249 4 ,475 13,647 TOTAL ASSETS 93 -- -- -- -- -- -- -- -- 1,618 9,733 1,858 2,777 2,750 2,036 5,976 1,373 — Includes $105 million securities loaned--fully secured by U.S. Government securities pledged with Federal Reserve Banks. Includes assets denominated in foreign currencies, 1/ 2J * 1,901 Estimated (Cleveland and Minneapolis Districts.) "7 2,922 — ,142 3,055 3 ,264 T 49 _467 -- 976"3fiT" 9,841 8 107 _ H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 14, 1973 New Total Boston York Phila- Clevedelphia land Richmond St. Atlanta Chicago Louis Minne-* Kansas apolis 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 foreign correspondents 58,808 3,050 14,635 3,591 4,665 5,216 3,047 9,819 2,307 1,054 2,312 2,231 6,881 26,080 4,321 909 139 13 1 6,629 1,444 1/89 1,039 1,537 1,132 1,694 4,181 5,226 365 16 23 289 21 8 533 47 42 236 13 3 180 16 4 329 37 21 1,062 8,708 1,156 1,285 1,807 1,536 2,012 1,634 5,613 459 806 897 4,803 1,221 1,260 351 550 216 7 5 778 402 1.434 243 27 — 741 130 10 1 882 426 1,008 217 15 14 578 487 842 311 668 31,380 7,988 363 546 682 30 186 34 48 49 40 107 2S 18 26 29 90 98,858 4,505 24,685 5,261 6,979 7,607 5,996 15,950 3,640 2,252 4,176 4,381 13,426 804 793 160 33 34 6 207 207 41 39 39 8 72 72 12 43 42 12 58 55 10 127 124 28 28 27 5 19 18 3 34 33 6 44 43 7 100 99 22 100,615 4,578 25,140 5,347 7,135 7,704 6,119 16.229 3.700 2.292 4.249 4.475 13,647 267 11 1/.7.Q. 19 42 6 11 15 33 1,080 2,396 2,362 7,293 JJ_ 2L-. . .14... 9_ FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral 61,577 3,254 2,191 280 61,370 63,561 3,010 3,290 15,510 15,850 15,850 3,649 4,846 5,393 200 350 501 3,500 3,700 4,700 5,050 4,950 5,451 \J After deducting $ 222 million participations of other Federal Reserve Banks, 2/ After deducting $ 197 million participations of other Federal Reserve Banks. 3,292 3.500 3,500 * 10,092 2,410 700 155 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 Estimated (Cleveland and Minneapolis Districts).
@FedFRASER