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For immediate release June 9, 1978 , Reserve P o s i t i o n s of Major Reserve C i t y Banks Reserve Period Ended May 31, 1978 ( I n m i l l i o n s of d o l l a r s u n l e s s o t h e r w i s e n o t e d ) 46 banks 8 banks i n New York C i t y 38 banks o u t s i d e New York 33 o t h e r 5 banks i n Chicago banks P&serve e x c e s s or d e f i c i e n c y ( - ) 1 / 231 121 110 16 fcerss: 580 214 366 - - 13,660 3,387 10,273 5,830 4,442 -14,009 -3,480 -10,529 -5,814 -4,715 91.8 62.5 108.6 379.3 57.7 Borrowings from R e s e r v e Banks l^ess: Net i n t e r b a n k F e d e r a l funds p u r c h a s e s or s a l e s ( - ) 2 / A 93 366 I t f u a l s : Net b a s i c r e s e r v e s u r p l u s ,^or d e f i c i t ( - ) : r a. Net amount b. As per c e n t of a v e r a g e r e quired r e s e r v e s L; 1/ .4 4. * 2/ Reserves held a f t e r a l l adjustments a p p l i c a b l e to the r e p o r t i n g p e r i o d i n c l u d i n g a l l o w a b l e c a r r y - o v e r and d e f i c i e n c i e s , l e s s t h e sum o f r e q u i r e d r e s e r v e s . A d j u s t e d t o i n c l u d e $5.2 m i l l i o n waivers of p e n a l t i e s for r e s e r v e d e f i c i e n c i e s in accordance with Board p o l i c y c h a n g e e f f e c t i v e November 1 9 , 1 9 7 5 . For d e t a i l s Banks. NOTE: — s e e F e d e r a l Funds T r a n s a c t i o n s of Major R e s e r v e C i t y A v e r a g e s of daily figures. H .5(a) 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 ended M a y 31, (In m i l l i o n s o f d o l l a r s ) 46 banks 1978 8 b a n k s in N e w Y o r k City 3 8 banks outside N e w York 5 banks in Chicago 3 3 other banks A. Interbank Federal funds transactions 1. Gross transactions > ^ a. Purchases b. Sales > 2. Total 2-way.transactions V 22,915 9,256 4,778 1,391 18,138 7,865 7,126 1,296 11,012 6,569 6,090 1,391 4,699 1,295 3,404 16,825 3,387 13,438 5,831 7,608 3. Total: net transactions — : -> 4 a. Net purchases of net buying banks b. Net sales of net selling banks c. Net purchases or sales (-) 3,166 3,166 3,166 13,659 3,387 10,273 5,831 4,442 1. Loans to dealers 2/ 4,220 2,421 1,798 488 1,310 2. Borrowings f r o m dealers 3/ 1,782 746 1,036 75 961 3. Net loans 2,438 1,675 763 414 349 13. Related transactions w i t h U.S. Government securities V dealers > T 4 1/ Derived from averages for individual banks for entire week. Figure for each bank indicates extent to which its weekly average purchases and sales are offsetting; that is, it is the lesser of the t w o amounts. Gross purchases less 2-way transactions equals net purchases of net buying banks. Similarly, gross sales less 2-way transactions equals net sales of net selling banks. 2/ Federal funds loaned, net funds supplied to each dealer by clearing banks, repurchase agreements (purchases of securities from dealers subject to resale) or other lending arrangements. 3/ Federal funds borrowed, net funds acquired from each dealer by clearing banks, reverse repurchase agreements (sales of securities t o dealers subject t o repurchase), resale agreements, and borrowings secured by Gov't, or other issues. - N o t e : — A v e r a g e s of daily figures.
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