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FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks For immediate release H.4.1 May 16, 1974 The average of daily figures for total reserves of member banks increased $289 million in the latest statement week to a level of $36,713 million. Required reserves, excess reserves and member bank borrowings from Federal Reserve Banks all increased. Major factors absorbing reserves in the latest statement week were a decline in other Federal Reserve assets and increases in currency in circulation and other Federal Reserve liabilities and capital. A decline in Treasury deposits with Federal Reserve Banks was the only factor providing a significant amount of reserves. System Open Market Operations provided $455 million reserves net, on a weekly average basis through outright purchases of Treasury bills and repurchase agreements. 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 — Total member bank borrowing Includes seasonal borrowing of: Other borrowing 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 .3/ Other F.R. liabilities and capital Averages of daily figures Week ended Change from week ended Wednesday, May 15,* May 8^ I May 16, May 15,* 1974 1974 1973 1974 (In millions of dollars) 79,515 1,186 83 282 +4,475 + 570 1/79,652 1,102 2,436 489 71 +1 =180 + 381 2,436 480 4 15 + 92 215 + + 134 90 250 1,977 94 360 12 162 71 3,499 95 1. 959 1,253 89 ,121 11,567 400 8 ,830 73 83 435 194 2,772 863 804 +6,660 +1,157 91,144 11,567 400 8 ,832 109,918 72,995 285 2,723 277 710 3,122 80,112 + 807 532 14 236 17 48 161 + 474 + 362 +8,178 +6,144 - 132 -1,670 37 + 73 + 500 +4,877 111,943 73,188 296 2,569 358 714 3,134 80,259 Member bank reserves: With Federal Reserve Banks + 333 29,805 +3,300 31,684 Currency and coin 6,850 - 44 + 585 6,850 Total reserves held 2/ 36,713 + 289 +3,771 38,592 Required reserves 36,463 + 252 +3,861 36,463 Excess reserves^/ 250 + 37 90 2,129 NOTE A net of $101 million of surplus reserves were eligible to be carried forward from the week ended May 8, into the week ending May 15. On May 15, 1974, marketable U.S. Government securities held in custody by the Federal Reserve Banks for foreign and international accounts were $27,968 million, an increase of $139 million for the week. 1/ Includes $131 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Adjusted to include $58 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. 3/ Includes $45 million of certain deposits of domestic nonmember banks and foreignowned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by nonmember institutions in the Federal Reserve System's program of credit restraint. v Estimated (New York and Chicago Districts). CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BAN*CS (In millions of dollars) Wednesday Change since May 16, May 8, May 15,** 1973 1974 1974 A S S E T S +1,157 Gold certificate account 11,460 Special Drawing Rights certif. accts. * — 400 — Cash ( 958) 84 232 1 Loans +1,054 +1,576 3,499 Acceptances—Bought outright — + 4 90 Held under repurchase agreements + 150 + 71 250 +1,180 Federal Agency obligations—Bought outright 2,436 -Held under repurchase agreements + 323 + 93 480 U.S. Government securities: Bought outright—Bills + 172 +3,027 37,520 Certificates Other +2,429 Notes + 237 39,365 - 844 Bonds - 237 2,767 +4,612 Total bought outright + 172 79,652 Held under repurchase agreements - 108 + 280 1,102 Total U.S. Government securities +4,504 + 452 80,754 Total loans and securities +7,211 +2,196 87,509 -1,078 Cash items in process of collection (1,900) +1,748 9,452 Bank premises + 31 -233 Other assets 2/ + 93 - 467 630 TOTAL ASSETS +3,476 +7,330 109.916 (2,858) H.4.1(a) - • • Federal Reserve notes ( 958) Deposits: Member bank-reserves account U. S. Treasurer—general account Foreign Other 3/ Total deposits Deferred availability cash items (1,900) Other liabilities and accrued dividends TOTAL LIABILITIES (2,858) C A P I T A L ACCOUNTS. Capital paid in Surplus Other capital accounts 64,777 31,604 2,569 358 714 35,245 6,760 1,168 107,950 874 844 248 + 200 +1,997 - 424 + 104 + 25 +1,702 +1,449 + 26 +3,377 +5,621 +3,973 -2,356 + 25 + 70 +1,712 - 429 + 274 +7,178 + + + + 1 — + 98 59 51 42 Contingent liability on acceptances purchased for foreign correspondents 703 3 + 320 * Figures in parentheses are the eliminations made in the consolidating process. J7 Includes $131 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. 3/ Includes $45 million of certain deposits of domestic nonmember banks and foreignowned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by nonmember institutions in the Federal Reserve System's program of credit restraint. ** Estimated (New York and Chicago Districts). MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MAY 15. 1974 (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 Federal Agency securities obligations Loans Acceptances Holdings Weekly Holdings Weekly changes Changes Within 15 days 3,429 272 6,226 - 985 496 +109 16 days to 90 days 70 18,511 68 + 150 104 - 16 91 days to 1 year 26,406 +3,850 259 Over 1 year to 5 years 19,853 -2,663 1,008 Over 5 years to 10 years 7,836 693 Over 10 years — 1,922 + 100 356 — Total 3,499 340 80,754 + 452 2,916 + 93 Total Boston New * York Philadelphia Cleveland Richmond j - Atlanta Chicago" 0„n millions St. Louis Minneapolis Kansas City Dallas San Francisco of dollars) A S S E T S Gold certificate account Special Drawing Rights certif. acct. F.R. notes of other banks Other 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: Other Notes Bonds Total bought outright U 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 I 11,460 400 755 23 1,837 93 763 23 1,205 33 1,134 36 566 22 2,122 70 575 15 208 7 138 15 220 14 1,937 49 958 232 48 14 275 18 32 3 36 31 92 26 146 35 65 24 32 15 15 7 31 26 61 12 125 21 3,499 183 1,744 100 86 168 217 271 28 101 224 139 238 90 250 — -- 90 250 --- — -- -_ _- _— --- --- --- --- -_- --- 2,436 480 109 625 480 130 174 180 134 391 91 51 93 110 348 -- -- -_ -- -- .- -- _- -- -- 37,520 1,676 9,629 2,000 2,676 2,770 2,060 1 ,701 5,357 _- 39,365 2,767 79,652 1,102 80,754 | 87,509 -- -- 1,758 124 3,558 -- -- __ -- 2,906 204 5,880 -_ 2,160 152 4,372 6,021 -- 6,318 444 12,783 1,403 _.. 1,472 104 2,979 2,098 148 4,246 3,558 3,850 10,103 710 20,442 1,102 21,544 24,733 4,246 4,476 -_ 5,880 6,228 4,372 4,723 -- 5,681 5,941 12,783 13,445 2,979 3,098 11,352 | 233 630 481 50 24 1,509 10 142 680 15 34 586 27 37 1,444 14 46 1,181 15 30 1,458 16 120 f.12,774 ! 5,245 28,617 6,026 7,896 9,020 6,718 17,320 -_ — 2,808 197 5,681 -_ — _« 789 __ 828 58 _____ ,675 1,438 -- 1,509 106 3,053 -_ 1 ,785 125 ,611 ~T -- 5,620 395 11,372 _- -- ,675 1 ,827 3,053 3,370 _ ,611 3 ,860 11,372 11,958 544 14 18 513 35 23 958 17 21 842 12 23 1,156 8 112 4,311 2 ,635 4,576 5 ,044 15,366 i—i STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 15, 1974 H.4.1U>) 1/ Includes $131 million securities loaned—fully secured by U.S. Government securities pledged with Federal Reserve Banks. 2/ Includes assets denominated in foreign currencies. * Estimated (New York and Chicago Districts). __ -- H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON Total New* York Boston Phila- Clevedelphia land Richmond MAY 15, 1974 * 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 3/ 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.ept— ances purchased for forei-gn correspondents 65,735 3,229 16,243 4,143 5,225 5,824 3,471 10,865 2,668 1,235 2,510 2,468 7,854 31,604 2,569 1,306 8,933 1,552 2,103 4,637 118 22 152 14 24 174 19 19 352 40 29 900 241 9 2 1,132 1,961 5,058 1,152 463 1,742 1,265 2,315 600 729 923 385 727 134 6 3 870 460 1,164 39 10 7 1,220 725 1,626 136 14 15 1,791 634 5,873 587 964 139 13 16 1,819 140 10 47 176 358 72.4. 35,245 8,660 5 1,461 429 1/168 560 10,248 1,260 2 1,168 110,808 48 356 55 77 76 60 170 39 24 40 5,167 28,107 5,930 7,726 8,907 6,575 17,016 4,244 2,589 4,495 874 844 248 35 34 9 227 215 68 42 42 12 77 74 19 48 47 18 66 62 15 135 132 37 29 29 9 21 20 5 36 35 10 5,245 28,617 6,026 7,896 9,020 6,718 17,32Q 4,311 2.635 4.576 29 2/179 34 62 40 51 119 112,774 | 703 2A. 1£_ 22 357 33 32 6,295 787 4,940 15,112 47 46 11 111 108 35 *?, 044 i c: o££ 39 90 2,623 8,209 _, FEDERAL RESERVE AGENTS1 ACCOUNTS F. R. notes outstanding Collateral for F. R. notes: Gold certificate account U. S. Government securities Total collateral 3,346 100 3,280 3,380 17,080 — 17,250 17,250 4,219 5,379 6,021 400 350 595 3,900 4,300 5,200 5,550 5,500 6,095 3,731 — 3.900 3,900 1,062 2,791 700 50 10,600 11,300 2.785 2,835 1,281 2,641 5 lr300 1,300 2,700 2,700 _!/ After deducting $ 190 million participations of other Federal Reserve Banks. 2/ After deducting $ 524 million participations of other Federal Reserve Banks. 3/ Includes $45 million of certain deposits of domestic nonmember banks and foreign-owned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by nonmember institutions in the Federal Reserve System's program of credit restraint. * Estimated (New York and Chicago Districts) ?,6ft0 ft^oo 2,685 8,400
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