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FEDERAL RE S E R V E Factors Affecting Bonk Reserves and Condition Statement of F.R. Banks For immediate release H.4.1 March 4, 1971 The average of daily figures of total reserves of member banks decreased $378 million to $29,517 million. Required reserves and excess reserves both declined while member bank borrowings at Federal Reserve Banks increased by a small amount. A drop in float of $745 million, following last week's sizable increase, was the major factor draining reserves in the latest statement week. Further absorbing reserves was an increase in Treasury deposits with Federal Reserve Banks. A decline in currency in circulation was the only factor supplying a significant amount of reserves. In addition, System Open Market operations supplied $271 million in reserves net, on a weekly average basis. Member bank borrowings averaged $260 million and exceeded excess reserves by $146 million compared with the previous week when they were $73 million less than excess reserves. 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: 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, Feb. 24, March 3, Mar. 4, March 3, 1971 1 1971 1970 1971 (In millions oJ : dollars) [7/ 62,479 137 + - 327 41 11 50 19 • 260 + -- 2,703 844 66,502 10,732 400 7,210 84,844 55,719 469 924 138 768 2,321 60,340 24,504 5,013 29,517 29,403 114 9 + 11 29 5 1 + 7 19 47 44 11 - — - +_ - 745 47 417 — — + - + + - + + + - + " + 6,779 62,490 + 137 i 248 15 401 97 6 108 17 9 78 89 490 112 378 170 208 576 1 262 -40 + 321 2,761 - 1,144 867 + 5,500 66,748 10,732 - 635 + 100 400 + 327 7,212 + 5,292 85,092 + 3,612 55,897 119 469 81 960 129 114 2 740 + 148 2,355 + 3,430 60,535 + 1,864 24,557 + 191 5,013 + 2,055 29,570 + 2,139 29,403 84 167 A net of $187 million of surplus reserves were eligible to be carried forward from the week ended February 24, into the'week ending March 3. On March 3, 1971, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $13,251 million, an increase of $425 million for the week. 1/ Includes $66 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 Mar. 3, 1971 ASSETS Gold certificate account Special Drawing Rights certif. accts. 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 Cash items in process of collection Bank premises Other assets 2J TOTAL ASSETS/LIABILITIES & CAPITAL ACCOUNTS Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer—general account Foreign * (1,185) C A P I T A L 400 265 262 + — 8 11 + + - 581 100 58 190 47 44 i- 5 44 + 44 + 29 9 29 29 25,694 + 500 +5,518 33,718 3,078 1/ 62,490 248 + + + + 184 106 790 248 +1,645 + 263 +7,426 133 734 +1,038 +1,117 + 508 + 1 + 62 (4,060) 86,038 +1,696 +7,674 +7,548 + 898 + 17 -1,157 +6,883 (1,185) 49,151 70 +3,335 24,557 +1,142 - 390 +2,906 "- 98 60 24 (2,875) 62,738 63,120 10,922 Other 3/ (2,875) 26,371 8,161 (4,060) 84,237 554 TOTAL LIABILITIES _„ 10,464 960 114 740 Total deposits Deferred availability cash items Other liabilities and accrued dividends Change since Mar. 4, Feb. 24, 1970 1971 39 + 30 + 743 + 789 + 33 +1,635 + • 248 +2 ,724 + 673 + 2 46,734 A C C O U N T S + 712 Capital paid in + Surplus 702 Other capital accounts + 60 387 Contingent liability on acceptances purchased 4 265 for foreign correspondents * Figures in parentheses are the eliminations made in the consolidating process. jL/ Includes $66 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. 37 Includes IMF gold deposit. MATURITY DISTRIBUTION OF LOANS AND SECURITIES. MARCH 3, 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 advance18 Within 15 days 262 16 days to 90 days -91 days to 1 year -Over 1 year to 5 years •s Over 5 years to 10 years jars Over 10 years — Total 262 Acceptances 61 30' --• -— — Federal Agency obligations Holdings Weekly changes 2,959 15,144 + 955 - 175 14,509 23,420 + 100 5,922 + 131 813 + ) 91 62,767 i 59 i ii +1,067 33 33 83 106 H.4.1(b) ASSETS Gold certificate account Special Drawing Rights certif. acct. F. R. notes of other banks Other cash Discounts and advances Acceptances: Bought outright Held under repurchase agreements Federal Agency obligationsHeld 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 2/ TOTAL ASSETS 1/ "2/ STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 3, 1971 St. Cleve- RichPhilaAtlanta Chicago Louis mond delphia land (In millions of dollars) Kansas City Dallas 359 15 163 7 346 15 555 14 1,804 49 17 16 16 7 29 21 30 16 109 39 244 i -- 3 -- -- --- -— --- --- — -- --- --- — -- -- -- 516 -677 62 ,255 -,255 r r 1,014 -1,330 121 2,465 -2,465 1,189 -1,561 142 2,892 -2,892 4,579 418 8,486 -8,486 Boston New York 10,464 400 578 23 1,577 93 654 23 921 33 937 36 505 22 2,065 70 1,185 265 137 11 261 20 52 12 78 31 76 16 343 35 37 41 262 -- 2 2 -- — 10 47 44 --- 47 44 -— — -- --- 29 — 29 — 3,489 25,694 -33,718 3,078 _1/ 62,490 248 62,738 1,289 6,533 --1,691 8,572 154 783 3,134 1 5,888 -248 3,134 16,136 1,328 __ 1,744 159 3,231 -3,231 1,971 -2,587 236 4,794 -4,794 1,937 -2,542 232 4,711 -4,711 1,286 __ 1,688 154 3,128 -3,128 4,189 953 --5,496 1,251 502 115 10,187 2,319 — -10,187 2,319 63,120 13,797 133 734 3,134 16,258 781 2,258 2 8 305 40 3,233 736 3 35 4,794 965 14 43 4,711 1,059 11 44 3,138 1,331 17 29 10,431 2,405 17 87 2,320 723 13 19 1,255 523 13 11 2,468 935 18 21 2,892 870 9 27 8,486 1,211 8 73 90,098 4,706 20,780 4,748 6,879 6,890 5,420 15,153 3,482 1,995 3,853 4,413 11,779 Includes $66 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, San Francisco Minneapolis Total H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 3, 1971 Total Boston New York Phila- Clevedelphia 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 accriled 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 correspondents 50,336 2,848 12,055 2,867 4,101 4,501 2,512 8,796 1,921 861 1,854 1,896 6,124 24,557 960 114 740 26,371 11,036 992 56 5 1 1,054 692 5,632 165 1/ 33 2/664 6,494 1,619 1,082 73 6 3 1,164 597 1,675 55 10 1 1,741 837 1,258 126 6 18 1,408 839 1,614 61 7 2 1,684 1,083 3,934 95 16 21 4,066 1,926 845 77 4 3 929 550 609 35 2 3 649 434 1,056 59 5 2 1,122 781 1,653 72 6 2 1,733 663 4,207 86 14 20 4,327 1,015 554 88,297 28 4,622 143 20,311 27 4,655 42 6,721 40 6,788 27 5,306 89 14,877 20 3,420 12 1,956 22 3,779 25 4,317 79 11,545 712 702 387 33 33 18 185 185 99 37 36 20 65 63 30 37 36 29 48 47 19 107 105 64 24 24 14 16 16 7 30 30 14 40 39 17 90 88 56 90,098 4,706 20,780 4,748 6,879 6,890 5,420 15,153 3,482 1,995 3,853 4,413 11,779 265 12 3/ 70 14 24 13 18 40 9 6 11 15 33 9,056 2,001 888 1,932 2,033 6,443 1,000 155 FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral \_l 2/ 3/ 3,090 12,751 2,940 4,293 4,643 500 300 510 500 12,600 2,800 3,900 4,210 2,900 8,450 1,930 930 1,975 2,130 7,000 13,100 3,100 4,410 4,710 2,900 9,450 2,085 930 1,975 2,135 7,000 After deducting $ 81 million participations of other Federal Reserve Banks. Includes IMF gold deposit. After deducting $ 195 million participations of other Federal Reserve Banks. 2,773 5
@FedFRASER