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F E D E s R t a t A i L s t R i c a l E r S e l E e # a s V E e For immediate release June 16, 1978 Reserve P o s i t i o n s of Major Reserve City Banks Reserve Period Ended June 7, 1978 (In m i l l i o n s of d o l l a r s u n l e s s otherwise noted) 46 banks Reserve excess or deficiency ( - ) 1 / 8 banks in New York City Borrowings f r o m R e s e r v e Banks Less: Net interbank Federal funds purchases or sales ( - ) 2 / 5 banks 33 other i n Chicago banks 49 12 37 8 29 3 — — 3 —— 3 •4 Less: 38 banks outs i d e New York 19,719 6,412 13,307 6,872 6,435 -19,673 -6,400 -13,273 -6,863 -6,409 129.3 116.1 136.8 432.4 79.0 Equals: Net basic reserve surplus or deficit (-): a. Net amount b. As per cent of average required reserves y r !_/ Reserves held after all adjustments applicable to the reporting period including allowable carry-over and deficiencies, less the sum of required reserves. Adjusted to include $5.2 million waivers of penalties for reserve deficiencies in accordance with Board policy change effective November 19, 1975. 2/ For details see Federal Funds Transactions of Major Reserve City Banks. 4 » NOTE: -- Averages of daily figures. A M Mi) F e d e r a l F u n d s t r a n s a c t i o n s of M a j o r R e s e r v e C i t y B a n k s for the Week e n d e d June 7, 1978 (In m i l l i o n s of d o l l a r s ) 8 b a n k s in N e w York Citv 4 6 banks 3 8 banks out side N e w York 5 banks in C h i c a g o 3 3 other banks In 'eth.ink Federal f u n d s transactions Ooss transactions 1 j Purchases !» Sales 2 U't.il 2-way t r a n s a c t i o n s 1/ 1 Total net t r a n s a c t i o n s 9 Net purchases of n e t buying b a n k s * N«'t sales of n e t .iMing banks * \ r t purchases o r sales ; l r # •y * 2 6 , 9 4 4 7 , 1 9 4 1 9 , 7 5 1 7 , 7 4 3 1 2 , 0 0 7 7 , 2 2 5 7 8 1 6 , 4 4 4 8 7 2 5 , 5 7 2 5 , 1 4 6 7 8 1 4 , 3 6 4 8 7 2 3 , 4 9 2 1 5 , 3 8 6 6 , 8 7 2 8 , 5 1 5 2 . 1 , 7 9 9 6 , 4 1 2 2 , 0 8 0 2 , 0 8 0 19,719 6 , 4 1 2 : 1 3 , 3 0 6 6 , 8 7 2 2 , 0 8 0 6 , 4 3 5 f ;•*! transactions wi th 1 = G o v e r n m e n t securities - 'iris v,s to dealers 2 / 5,883' 3,395 ' ^rowings f r o m d e a l e r s 3 / 1 , 6 1 0 j ',"t loans 4 , 2 72 j 7 4 6 2,& 50 647 2 , 4 8 8 8 6 5 1 , o2_> j 1 , 8 4 1 7 6 7 8 9 571 1,052 > I 1 Derived f r o m a v e r a g e s f o r i n d i v i d u a l b u n k s f o r e n t i r e w e e k . F i g u r e f o r e a c h b a n k i n d i c a t e s e x t e n t t o w h i c h its w e e k l y a v e r a g e purchases a n d sales a r e o f f s e t t i n g ; t h a t is, it is t h e lesser of t h e t w o a m o u n t s . G r o s s p u r c h a s e s less 2 - w a y t r a n s a c t i o n s e q u a l s n e t purchases of n e t b u y i n g b a n k s . S i m i l a r l y , gross sales less 2 - w a y t r a n s a c t i o n s e q u a l s n e t sales of n e t selling b a n k s . ?/ Federal f u n d s l o a n e d , n e t f u n d s s u p p l i e d t o e a c h d e a l e r b y c l e a r i n g b a n k s , r e p u r c h a s e a g r e e m e n t s ( p u r c h a s e s of s e c u r i t i e s f r o m dealers s u b j e c t t o r e s a l e ) o r o t h e r l e n d i n g a r r a n g e m e n t s . ;i 3' f ederal f u n d s b o r r o w e d , n e t f u n d s a c q u i r e d f r o m e a c h d e a l e r b y c l e a r i n g b a n k s , r e v e r s e r e p u r c h a s e a g r e e m e n t s (sales of s e c u r i t i e s A to dealers s u b j e c t t o r e p u r c h a s e ) , resale a g r e e m e n t s , a n d b o r r o w i n g s s e c u r e d b y G o v ' t , o r o t h e r issues. Mott Averages of d a i l y f i g u r e s .