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FEDERAL RESERVE Factors Affecting Bank Reserves and Condition Statement of F.R. Banks F o r immediate r e l e a s e May 19, 1966 The average of daily figures of total member bank reserves held during the week ended May 18 decreased a net of $153 million to $22,450 million. Estimated currency and coin of member banks increased $191 million and their reserve balances at the Federal Reserve Banks decreased $344 million. Estimated required reserves docreased $110 million; and estimated excess reserves decreased $43 million to $315 million. Member bank borrowings at the Federal Reserve Banks exceeded excess reserves by $348 million, compared with the revised net borrowed figure of $322 million the week before. The principal changes reducing average reserve balances with Federal Reserve Banks were decreases of $164 million in U. S. Government securities held under repurchase agreements, $128 million in U. S. Government securities bought outright, and $86 million in gold stock, and increases of $90 million in currency in circulation, $74 million in Treasury deposits with Federal Reserve Banks, $25 million each in Treasury cash holdings and in "other" F. R. accounts (net). The principal offsetting change was an increase of $248 million in Federal Reserve float. Total Reserve Bank credit decreased $60 million. As of Wednesday, May 18, holdings of U. S. Government securities bought outright were $35 million higher than a week earlier, U. S Government securities held under repurchase agreements were $236 million lower, and member bank borrowings were $707 million higher. Holdings of notes increased $255 million and bonds decreased $255 million reflecting the exchange of $6,397 million kj> notes and $255 million 3~3A# bonds maturing May 15 for $6,652 million 4-7/8$ notes maturing November 15, 1967. Member bank reserves, Reserve Bank credit, and related items Reserve Bank credit: U. S. Government securitiesBought outright--System account Held under repurchase agreements AcceptancesBought outright Held under repurchase agreements Discounts and advancesMember bank borrowings Other Float Total Reserve Bank credit Gold stock 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. accounts (net) Member bank reserves: With Federal Reserve Banks Currency and coin (estimated) Total reserves held Required reserves (estimated) Excess reserves (estimated) Averages of d a i l y f i g u r e s Week ended iChange from \reeli ended Wednesday, May 1 8 , May 1 8 , May 19, May 1 1 , 1966 . 1966 1965 . 1 1966 (In m i l l i o n s of d o l l a r s ) 40,812 135 -128 -164 80 34 __ -- 663 22 2,025 43,771 13,532 5,833 63,137 4l,92k 966 591 137 384 436 44,437 18,700 .3,750 22,450 22,135 315 40,801 -- +3,266 - 162 28 25 80 - 17 -+248 - 60 - 86 + 14 -131 + I63 + 7 + 110 +3,438 - 821 + 426 +3,044 901 20 1,818 43,653 13,534 5,832 63,019 + 90 + 25 + 74 + 6 +2,829 + 204 - 469 1 + 198 - 449 +2,311 4l,94l 983 605 I 139 i 373 635 ! 44,676 + 734 + 271 +1,005 +1,033 28 18,343 4,098 22,441 22,142 299 - 7 + 25 +212 -344 +.191 -153 -110 - 43 + + 33 | On May 18, 1966, U . S . Government securities held in custody by the Federal Reserve Banks for foreign account were $7,674 million, an increase of $125 million for the week and a decrease of $117 million from the comparable date a year ago. H k 1(a) CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS (in millions of dollars) May 18, 1966 1966 1965 11,350 1>728 - 9 + 2 -1,176 + l8l 13,078 - 7 - 995 237 + k 921 +707 + 116 + 524 80 33 -.+ 2 + + 9,250 + 35 12 --" +2,323 + 12 25,220 6,319 1)0,801 -- +255 -2_5_i + 35 -236 4o,8oi ^1,835 -201 +508 7,^67 +654 103 (2,865) 63,381 + l -321 +839 +1,003 + 1 + 215 +3,911 (900) 36,873 6 +2,562 18,3^3 +44l 605 139 373 +109 + 15 + 951 - 332 - 16 19,^60 +557 5,6^9 203 (2,865) 62,l85 +37^ + 8 +933 ASSETS Gold certificate account Redemption fund for F. R. notes Total gold certificate reserves Cash Discounts and advances Acceptances: Bought outright Held under repurchase agreements U a S. Government securities: Bought outright— Bills Certificates Notes Bonds Total bought outright Held under repurchase agreements Total U. S. Government securities Total loans and securities (900) (1,965) Cash items in process of collection Bank premises Other assets 1 / TOTAL ASSETS Change since May 11, May 19, 661 L I A B I L I T I E S Federal Reserve notes Deposits: Member bank reserves U. S. Treasurer--general account Foreign Other 2/ Total deposits Deferred availability cash items Other liabilities and accrued dividends TOTAL LIABILITIES - (1,965) C A P I T A L A C C O U N T S Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS 8 - V71 +1,391 +3,255 - 251 +1,001+ +3,571 + + 85 - 94 (2,865) 6g,38l +839 203 8°6 + 775 281+ +3,859 + 560 551 30 13 + + 21 27 1+ Ratio of gold certificate reserves to F. R. note liability (computed from figures as shown on the following pages—not consolidated) 3^.6$ -- 5-7$ Contingent liability on acceptances purchased + for foreign correspondents 151 5 4 - 1 * Figures in parentheses are the eliminations made in the consolidating process; see comparable figures on combined basis on the following pages. 1/lncludes assets denominated in foreign currencies and IMP gold deposited. ^/Includes IMF gold deposit. MATURITY raSTRIBUTIOK 0F_L0AWS_ AND SECURITIES, MAY 18, 1966 (Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.) Discounts and advances Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years Total ** Less than $500,000. Acceptances U. S._ Government securities Changes during week Holdings 89^ 50 i,Mu 27 •*% — --921 63 9,681 i4,4io 13,579 1,305 -*---113 385 to, 801 -6,5^~3 +5,^97 + 563 + 282 201 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 18, 1966 H. 4.1(h) Total Boston New Philadelphia York Cleveland Rich- Atlanta Chicago mond (In millionsJ of dollars) St. Louis Minneapolis Kansas Dallas City San Francisco A S S E T S 255 33 288 420 66 486 356 58 4i4 1,187 2,537 435 63 498 103 19 69 37 39 14 20 7 35 11 61 15 71 31 37 96 80 62 20 106 30 19 " " -- --- -- -- --- -- -- 479 1 758 1 626 1 490 1 l,56l 32^ 184 3^9 356 1,324 2 * * # * 2 1,305 2,c66 1,705 1,336 4,257 1,067 6,887 883 222 503 126 813 952 239 971 244 3,611 1,540 1,571 5,84i -- -- -- -- 973 147 1,097 2,917 674 93 767 1,120 60 15 226 29 48 12 921 126 286 80 33 -- 9,250 486 1 11,35^ 1,728 13,078 592 98 690 F- R. notes of other Banks Other cash 900 237 Discounts and advances Acceptances: Bought outright Held under repurchase agreements U. S. Government securities: Bought outright-Bills Certificates Notes Bonds Total Held under repurchase agreements Gold certificate account Redemption fund for F. R. notes Total gold certificate reserves 12 25,220 6,319 40,801 __ 2,222 1,238 £34 99 733 76 33 92 14 19 40 80 33 -- 2,313 2,505 412 3 1,326 1W 6,305 332 1,580 2,145 10,201 327 517 427 33^ 2,112 3,342 2,759 2,161 -- -- -- -- " — 315 -- 1,429 — 203 1,390 904 Total U. S. Government securities 4o,801 2,145 10,201 2,112 3,3^2 2,759 2,161 6,887 1,429 813 1,5^0 1,571 5,841 Total loans and securities 41,835 2,271 10,600 2,131 3,382 2,796 2,257 6,967 1,^91 833 1,646 1,601 5,860 9,^32 635 3 23 1,612 9 305 570 3 26 669 5 42 750 5 27 765 20 28 20 71 462 8 16 285 3 11 6l4 7 22 V73 10 25 983 10 65 3,697 15,698 3,557 5,327 4,922 3,925 11,315 2,528 1,447 2,821 2,599 8,410 Cash items in process of collection Bank premises , Other assets =/ TOTAL ASSETS 103 661 66,246 l,6lk l/ Includes assets denominated in foreign currencies and IMF gold deposited. * Less than $500,000. H.4.1(c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 18, 1966 Total Boston LIABILITIES 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 New York Phila- Cleve- RichSt. delphia land mond Atlanta Chicago Louis Minne- Kansas apolis City Dallas San Francisco (In millions. of dollars) 37,773 2,269 8,567 2,218 3,178 3,382 2,172 6,858 1,427 715 1,429 1,202 M56 18,343 605 139 373 19,46o 7,614 710 30 6 5,081 738 45 7 1 791 475 1,364 48 12 800 ' 38 7 5 850 614 1,034 35 8 1 1,078 2,896 38 19 2 2,955 626 81 5 841 53 6 4 904 913 27 8 1 949 2,933 86 18 53 3,090 592 1,295 341 407 48 3 l 459 240 427 371 779 11 52 . ..._ 9. 11 17. ..._ 13...,, 33 3,853 11,l4i 3,639 15,387 3,493 5,220 M59 ,7 2,487 , 5 1,419 9 2,769 8 2,530 28 8,253 81 79 14 19 19 3 13 13 2 25 24 3 33 32 4 73 72 12 4,_922_ 3,925 11,315 2,528 1,447 2,821 2,599 8,410 4 7 9 20 £7550~ 203 65,050 * 746 613 1/40 2/305 5,502 1,266 * 1,424 601 * 712 CAPITAL ACCOUNTS Capital paid in Surplus Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Contingent liability on acceptances purchased for foreign correspondents 1 56O 551 85 66,246 151 146 144 21 30 30 4 50 50 7 3,697 15,698 3,557 5,327 8 13 27 27 4 7 -j/i<L 29 28 6 8__ 3h 33 5 9_ 21 _. 5__ FEDERAL RESERVE AGENT'S ACCOUNTS F. R. notes outstanding C o l l a t e r a l for F. R. n o t e s : Gold c e r t i f i c a t e account E l i g i b l e paper U. S. Government s e c u r i t i e s Total c o l l a t e r a l ""97^35 27310 3,443 375^5 2J35T 77222 17508 750 17518 I73l2 1,000 60c 8,300 500 IT 1.900 906 425 1,100 127 225 180 735 2.950 2,693 1,975 3,550 3,599 2,400 6,300 7,400 315 61 1,310 1,686 635 762 1,350 1,575 1,180 1,360 4,300 5,035 9,300 2,417 1/ After deducting $ 99 million p a r t i c i p a t i o n s of other Federal Reserve Banks, 2 / Includes IMF gold deposit. 3/ After deducting $111 million p a r t i c i p a t i o n s of other Federal Reserve Banks. * Less than $500,000.
@FedFRASER