Financial and Business Statistics.Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
p Preliminary
r Revised (Notation appears on column heading
when about half of the figures in that column
are changed.)
* Amounts insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is millions)
0 Calculated to be zero
... Cell not applicable
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FFB Federal Financing Bank
FHA Federal Housing Administration
FHLBB Federal Home Loan Bank Board
FHLMC Federal Home Loan Mortgage Corporation
FmHA Farmers Home Administration
FNMA Federal National Mortgage Association
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GNMA Government National Mortgage Association
GDP Gross domestic product
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IO Interest only
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NOW Negotiable order of withdrawal
OCD Other checkable deposit
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
PO Principal only
REIT Real estate investment trust
REMIC Real estate mortgage investment conduit
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing right
SIC Standard Industrial Classification
VA Department of Veterans Affairs
GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 1.10 RESERVES, MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Percent annual rate of change, seasonally adjusted(1)
1998(r)
Monetary or credit aggregate
Q1 Q2 Q3 Q4
Reserves of depository
institutions(2)
1 Total -1.9 -3.8 -7.4 -1.6
2 Required -1.8 -2.5 -9.0 -2.3
3 Nonborrowed -.6 -4.3 -8.4 0.4
4 Monetary base(3) 6.8 5.3 6.8 8.9
Concepts of money liquid
assets, and debt(4)
5 M1 3.2 1.0 -2.0 5.0
6 M2 7.6 7.5 6.9 11.0
7 M3 10.3 10.1 8.6 13.2
8 Debt 6.2 6.1 6.0 6.4
Nontransaction components
9 In M2(5) 9.1 9.8 9.9 13.0
10 In M3 only(6) 18.6 17.8 13.5 19.6
Time and savings deposits
Commercial banks
11 Savings including MMDAs 12.8 13.4 15.8 17.6
12 Small time(7) 1.0 .1 .1 .4
13 Large time(8,9) 18.1 16.4 3.5 .2
Thrift institutions
14 Savings including MMDAs 5.7 10.8 9.0 10.1
15 Small time(7) -.5 -4.4 -7.2 -6.9
16 Large time(8) 8.6 -4.5 .5 10.4
Money market mutual funds
17 Retail 19.2 20.9 19.0 28.4
18 Institution-only 20.9 34.7 26.6 41.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 22.9 14.5 11.7 16.4
20 Eurodollars(10) 12.0 -3.3 21.7 7.1
Debt components(4)
21 Federal .0 -1.4 -1.5 -2.0
22 Nonfederal 8.3 8.6 8.5 9.1
1998(r) 1999
Monetary or credit aggregate
Sept. Oct. Nov. Dec. Jan.
Reserves of depository
institutions(2)
1 Total -11.0 -5.4 5.0 9.0 -.9
2 Required -16.1 -2.5 3.8 10.5 .6
3 Nonborrowed -10.5 -3.3 7.5 8.1 -3.2
4 Monetary base(3) 9.8 8.4 8.8 8.3 8.4
Concepts of money liquid
assets, and debt(4)
5 M1 2.8 6.4 9.3 4.6 -3.1
6 M2 12.4 11.6 10.6 10.0 6.1
7 M3 13.1 13.2 14.1 12.2 4.4
8 Debt 6.0 6.6 6.9 6.0 n.a.
Nontransaction components
9 In M2(5) 15.7 13.3 11.0 11.8 9.2
10 In M3 only(6) 15.1 17.5 23.9 18.5 -.4
Time and savings deposits
Commercial banks
11 Savings including MMDAs 19.9 15.9 16.4 19.2 11.6
12 Small time(7) .6 -.4 1.5 -4.2 -8.0
13 Large time(8,9) .2 1.8 16.1 12.8 21.7
Thrift institutions
14 Savings including MMDAs 8.1 12.5 10.9 10.8 14.5
15 Small time(7) -4.7 -2.5 -10.9 -6.6 -5.2
16 Large time(8) 14.0 15.2 2.7 16.4 26.9
Money market mutual funds
17 Retail 37.0 29.0 20.5 22.3 23.2
18 Institution-only 35.1 48.5 42.2 29.5 -2.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 15.9 .4 25.4 34.0 -25.0
20 Eurodollars(10) 7.0 12.4 1.5 -24.6 -39.2
Debt components(4)
21 Federal -3.3 -3.1 -.5 -.4 n.a.
22 Nonfederal 8.9 9.6 9.2 7.9 n.a.
(1.) Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter. (2.) Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) (3.) The seasonally adjusted, break-adjusted monetary base consists of (11 seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves Required reserves The dollar amounts, based on reserve ratios, that banks are required to keep on deposit at a Federal Reserve Bank.) the
seasonally adjusted, break-adjusted difference between current vault
cash and the amount applied to satisfy current reserve requirements.(4.) Composition of the money stock measures and debt is as follows: M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted MI is computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2: M1 plus (1) savings (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,0001, and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). (5.) Sum of (11 savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. (6.) Sum of (1) large time deposits, (21 institutional money fund balances, (31 RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately. (7.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. (8.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (9.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (10.) Includes both overnight and term. 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1)
Millions of dollars
Average of
daily figures
Factor 1998 1999
Nov. Dec. Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 495,325 504,025(r) 504,486
outstanding
U.S. government
securities(2)
2 Bought outright-- 451,629 453,911 453,333
System account(3)
3 Held under repurchase 3,391 7,685 7,056
agreements
Federal agency
obligations
4 Bought outright 373 346 337
5 Held under repurchase 3,864 5,371 4,670
agreements
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 48 90 201
8 Seasonal credit 35 15 6
9 Extended credit 0 0 0
10 Float 544 1,617(r) 2,313
11 Other Federal Reserve 35,440 34,989(r) 36,570
assets
12 Gold stock 11,001 11,041 11,046
13 Special drawing rights 9,200 9,200 9,200
certificate account
14 Treasury currency 26,138(r) 26,225(r) 26,296
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 502,704(r) 510,724(r) 510,104
16 Treasury cash holdings 92 89 87
Deposits, other than res-
erve balances, with
Federal Reserve Banks
17 Treasury 5,135 5,923 6,597
18 Foreign 188 178 186
19 Service-related balan- 6,867 6,850 7,618
ces and adjustments
20 Other 403 322 443
21 Other Federal Reserve 17,476 16,935 16,711
liabilities and capital
22 Reserve balances with 8,839(r) 9,470(r) 9,281
Federal Reserve
Banks(4)
Average of daily figures for week
ending on date indicated
Factor 1998
Dec. 16 Dec. 23 Dec. 30
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 503,105 504,231(r) 510,958(r)
outstanding
U.S. government
securities(2)
2 Bought outright-- 454,019 453,111 454,191
System account(3)
3 Held under repurchase 6,909 8,098 11,000
agreements
Federal agency
obligations
4 Bought outright 338 338 338
5 Held under repurchase 6,380 5,767 5,570
agreements
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 25 8 345
8 Seasonal credit 13 16 20
9 Extended credit 0 0 0
10 Float 575 1,747(r) 3,390(r)
11 Other Federal Reserve 34,846 35,147 36,103
assets
12 Gold stock 11,001 11,041 11,003
13 Special drawing rights 9,200 9,200 9,200
certificate account
14 Treasury currency 26,217(r) 26,235(r) 26,252(r)
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 507,775(r) 511,453(r) 516,782(r)
16 Treasury cash holdings 87 84 85
Deposits, other than res-
erve balances, with
Federal Reserve Banks
17 Treasury 6,324 5,434 7,195
18 Foreign 195 194 174
19 Service-related balan- 6,703 6,977 6,852
ces and adjustments
20 Other 290 231 235
21 Other Federal Reserve 17,113 17,197 17,152
liabilities and capital
22 Reserve balances with 11,077(r) 9,136(r) 8,978(r)
Federal Reserve
Banks(4)
Average of daily figures for week
ending on date indicated
Factor 1999
Jan. 6 Jan. 13
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 515,752 500,410
outstanding
U.S. government
securities(2)
2 Bought outright-- 452,321 454,690
System account(3)
3 Held under repurchase 14,991 3,820
agreements
Federal agency
obligations
4 Bought outright 338 338
5 Held under repurchase 8,174 3,256
agreements
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 24 697
8 Seasonal credit 12 6
9 Extended credit 0 0
10 Float 2,783 1,624
11 Other Federal Reserve 37,109 35,979
assets
12 Gold stock 11,006 11,046
13 Special drawing rights 9,200 9,200
certificate account
14 Treasury currency 26,270 26,284
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 516,894 511,465
16 Treasury cash holdings 85 85
Deposits, other than res-
erve balances, with
Federal Reserve Banks
17 Treasury 5,992 5,423
18 Foreign 169 189
19 Service-related balan- 7,044 7,892
ces and adjustments
20 Other 1,400 207
21 Other Federal Reserve 16,397 16,874
liabilities and capital
22 Reserve balances with 14,287 4,803
Federal Reserve
Banks(4)
Average of daily figures for week
ending on date indicated
Factor 1999
Jan. 20 Jan. 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 505,981 500,962
outstanding
U.S. government
securities(2)
2 Bought outright-- 452,818 452,725
System account(3)
3 Held under repurchase 6,291 6,281
agreements
Federal agency
obligations
4 Bought outright 338 337
5 Held under repurchase 6,046 3,226
agreements
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 22 105
8 Seasonal credit 4 5
9 Extended credit 0 0
10 Float 4,187 1,381
11 Other Federal Reserve 36,275 36,903
assets
12 Gold stock 11,046 11,006
13 Special drawing rights 9,200 9,200
certificate account
14 Treasury currency 26,298 26,312
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 508,957 506,725
16 Treasury cash holdings 86 88
Deposits, other than res-
erve balances, with
Federal Reserve Banks
17 Treasury 7,296 6,963
18 Foreign 181 184
19 Service-related balan- 7,468 7,865
ces and adjustments
20 Other 212 237
21 Other Federal Reserve 16,871 16,840
liabilities and capital
22 Reserve balances with 11,452 8,616
Federal Reserve
Banks(4)
End-of-month figures
Nov. Dec. Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 500,546 522,252(r) 498,740
outstanding
U.S. government
securities(2)
2 Bought outfight-- 453,991 452,141 454,439
System account(3)
3 Held under repurchase 8,970 19,674 4,485
agreements
Federal agency
obligations
4 Bought outright 368 338 336
5 Held under repurchase 6,172 10,702 2,535
agreements
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 1 1 55
8 Seasonal credit 15 16 5
9 Extended credit 0 0 0
10 Float 462 1,636(r) 164
11 Other Federal Reserve 34,567 37,744(r) 36,721
assets
12 Gold stock 11,041 11,046 11,048
13 Special drawing rights 9,200 9,200 9,200
certificate account
14 Treasury currency 26,182(r) 26,270(r) 26,326
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 507,130(r) 517,484(r) 505,457
16 Treasury cash holdings 99 85 98
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 5,219 6,086 7,623
18 Foreign 211 167 234
19 Service-related balances 7,211 7,044(r) 7,830
and adjustments
20 Other 337 1,605 246
21 Other Federal Reserve 16,579 16,354 16,269
liabilities and capital
22 Reserve balances with 14,182 19,941(r) 7,556
Federal Reserve Banks(4)
Wednesday figures
Dec. 16 Dec. 23
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 503,843 508,064(r)
outstanding
U.S. government
securities(2)
2 Bought outfight-- 455,035 454,657
System account(3)
3 Held under repurchase 5,702 7,845
agreements
Federal agency
obligations
4 Bought outright 338 338
5 Held under repurchase 7,181 5,742
agreements
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 145 21
8 Seasonal credit 14 21
9 Extended credit 0 0
10 Float 729 4,187(r)
11 Other Federal Reserve 34,699 35,254
assets
12 Gold stock 11,041 11,041
13 Special drawing rights 9,200 9,200
certificate account
14 Treasury currency 26,217(r) 26,235(r)
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 509,911(r) 515,739(r)
16 Treasury cash holdings 84 85
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 8,628 3,837
18 Foreign 170 175
19 Service-related balances 6,703 6,977
and adjustments
20 Other 263 175
21 Other Federal Reserve 16,965 16,969
liabilities and capital
22 Reserve balances with 7,578(r) 10,583(r)
Federal Reserve Banks(4)
Wednesday figures
Dec. 30 Jan. 6
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 517,601(r) 500,136
outstanding
U.S. government
securities(2)
2 Bought outfight-- 454,772 455,645
System account(3)
3 Held under repurchase 15,549 4,507
agreements
Federal agency
obligations
4 Bought outright 338 338
5 Held under repurchase 7,388 3,353
agreements
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 1,642 103
8 Seasonal credit 27 6
9 Extended credit 0 0
10 Float 873(r) 4,320
11 Other Federal Reserve 37,013 35,864
assets
12 Gold stock 11,046 11,046
13 Special drawing rights 9,200 9,200
certificate account
14 Treasury currency 26,252(r) 26,270
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 518,332(r) 515,176
16 Treasury cash holdings 85 85
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 10,174 4,960
18 Foreign 166 170
19 Service-related balances 6,852 7,005
and adjustments
20 Other 164 162
21 Other Federal Reserve 16,957 16,466
liabilities and capital
22 Reserve balances with 11,371(r) 6,588
Federal Reserve Banks(4)
Wednesday figures
Jan. 13 Jan. 20 Jan. 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 503,126 505,507 506,928
outstanding
U.S. government
securities(2)
2 Bought outfight-- 456,411 453,868 454,538
System account(3)
3 Held under repurchase 3,700 6,140 9,891
agreements
Federal agency
obligations
4 Bought outright 338 338 336
5 Held under repurchase 4,472 3,958 4,027
agreements
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 145 75 7
8 Seasonal credit 7 3 5
9 Extended credit 0 0 0
10 Float 1,938 4,690 435
11 Other Federal Reserve 36,115 36,435 37,689
assets
12 Gold stock 11,046 11,046 11,006
13 Special drawing rights 9,200 9,200 9,200
certificate account
14 Treasury currency 26,284 26,298 26,312
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 510,269 508,616 506,824
16 Treasury cash holdings 86 86 98
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 5,006 7,466 7,038
18 Foreign 214 177 168
19 Service-related balances 7,892 7,468 7,865
and adjustments
20 Other 200 206 217
21 Other Federal Reserve 16,613 16,626 16,610
liabilities and capital
22 Reserve balances with 9,376 11,405 14,666
Federal Reserve Banks(4)
(1.) Amounts of cash held as reserves are shown in table 1.12, line 2. (2.) Includes securities loaned--fully guaranteed by U.S. government securities pledged with Federal Reserve Banks--and excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. (3.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. (4.) Excludes required clearing balances and adjustments to compensate for float. 1.12 RESERVES AND BORROWINGS Depository Institutions1
Millions of dollars
Prorated monthly averages of
biweekly averages
Reserve classification 1996 1997 1998
Dec. Dec. Dec.
1 Reserve balances with Reserve 13,395 10,673 9,022(r)
Banks(2)
2 Total vault cash(3) 44,525 44,740(r) 4,305
3 Applied vault cash(4) 37,848 37,206 35,997
4 Surplus vault cash(5) 6,678 7,534(r) 8,308
5 Total reserves(6) 51,242 47,880 45,019(r)
6 Required reserves 49,819 46,196 43,435(r)
7 Excess reserve balances at 1,423 1,683 1,584(r)
Reserve Banks(7)
8 Total borrowings at Reserve 155 324 117
Banks(8)
9 Seasonal borrowings 68 79 15
10 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1998
July Aug. Sept.
1 Reserve balances with Reserve 9,284 9,682 9,284
Banks(2)
2 Total vault cash(3) 42,524(r) 42,123(r) 42,524(r)
3 Applied vault cash(4) 34,909 35,025 34,909(r)
4 Surplus vault cash(5) 7,614(r) 7,098(r) 7,614(r)
5 Total reserves(6) 44,600 44,707 44,193
6 Required reserves 43,235 43,194 42,509
7 Excess reserve balances at 1,365 1,513 1,684
Reserve Banks(7)
8 Total borrowings at Reserve 258 271 251
Banks(8)
9 Seasonal borrowings 215 242 178
10 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1998
Oct. Nov.
1 Reserve balances with Reserve 9,026 8,855
Banks(2)
2 Total vault cash(3) 43,268(r) 43,104(r)
3 Applied vault cash(4) 35,090 35,297
4 Surplus vault cash(5) 8,178(r) 7,807(r)
5 Total reserves(6) 44,115 44,152
6 Required reserves 42,544 42,527
7 Excess reserve balances at 1,572 1,624
Reserve Banks(7)
8 Total borrowings at Reserve 174 84
Banks(8)
9 Seasonal borrowings 107 37
10 Extended credit(9) 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1998 1999
Dec. Jan.
1 Reserve balances with Reserve 9,022(r) 9,659
Banks(2)
2 Total vault cash(3) 44,305 45,499
3 Applied vault cash(4) 35,997 36,674
4 Surplus vault cash(5) 8,308 8,825
5 Total reserves(6) 45,019(r) 46,333
6 Required reserves 43,435(r) 44,801
7 Excess reserve balances at 1,584(r) 1,532
Reserve Banks(7)
8 Total borrowings at Reserve 117 206
Banks(8)
9 Seasonal borrowings 15 7
10 Extended credit(9) 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
1998
Oct. 7 Oct. 21 Nov. 4
1 Reserve balances with 9,588 8,400 9,509
Reserve Banks(2)
2 Total vault cash(3) 42,821(r) 43,995(r) 42,565(r)
3 Applied vault cash(4) 34,905 35,321 34,897
4 Surplus vault cash(5) 7,916(r) 8,674(r) 7,668(r)
5 Total reserves(6) 4,493 43,720 44,405
6 Required reserves 42,514 42,520 42,599
7 Excess reserve balances 1,978 1,200 1,806
at Reserve Banks(7)
8 Total borrowings at 379 122 103
Reserve Banks(8)
9 Seasonal borrowings 152 105 79
10 Extended credit(9) 0 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
Nov. 18 Dec. 2 Dec. 16
1 Reserve balances with 8,520 9,028 8,949
Reserve Banks(2)
2 Total vault cash(3) 43,080 43,313 43,230
3 Applied vault cash(4) 34,935 35,853 35,273
4 Surplus vault cash(5) 8,145 7,460 7,957
5 Total reserves(6) 43,455 44,880 44,222
6 Required reserves 41,913 43,221 42,917
7 Excess reserve balances 1,542 1,659 1,304
at Reserve Banks(7)
8 Total borrowings at 82 79 26
Reserve Banks(8)
9 Seasonal borrowings 40 20 13
10 Extended credit(9) 0 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
Dec. 30(r) Jan. 13(r)
1 Reserve balances with 9,057 9,551
Reserve Banks(2)
2 Total vault cash(3) 45,470 45,023
3 Applied vault cash(4) 36,748 35,911
4 Surplus vault cash(5) 8,722 9,113
5 Total reserves(6) 45,805 45,462
6 Required reserves 43,999 43,240
7 Excess reserve balances 1,806 2,221
at Reserve Banks(7)
8 Total borrowings at 195 370
Reserve Banks(8)
9 Seasonal borrowings 18 9
10 Extended credit(9) 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
1999
Jan. 27 Feb. 10
1 Reserve balances with 10,025 8,728
Reserve Banks(2)
2 Total vault cash(3) 44,838 49,364
3 Applied vault cash(4) 36,845 38,556
4 Surplus vault cash(5) 7,993 10,808
5 Total reserves(6) 46,870 47,284
6 Required reserves 45,880 46,099
7 Excess reserve balances 990 1,184
at Reserve Banks(7)
8 Total borrowings at 68 158
Reserve Banks(8)
9 Seasonal borrowings 5 8
10 Extended credit(9) 0 0
(1.) Data in this table also appear in the Board's H.3 (502) weekly statistical release. For ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted. (2.) Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. (3.) Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements, (4.) All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. (5.) Total vault cash (line 2) less applied vault cash (line 3). (6.) Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). (7.) Total reserves (line 5) less required reserves (line 6). (8.) Also includes adjustment credit. (9.) Consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves. [TABULAR DATA 1.14 NOT REPRODUCIBLE IN ASCII] 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Requirement
Type of deposit
Percentage of Effective date
deposits
Net transaction accounts(2)
1 $0 million-$46.5 million(3) 3 12/31/98
2 More than $46.5 million(4) 10 12/31/98
3 Nonpersonal time deposits(5) 0 12/27/90
4 Eurocurrency liabilities(6) 0 12/27/90
(1.) Required reserves must be held in the form of deposits with Federal Reserve Banks or vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve Bank indirectly, on a pass-through basis, with certain approved institutions. For previous reserve requirements, see earlier editions of the Annual Report or the Federal Reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial banks, savings banks, savings and loan associations, credit unions, agencies and branches of foreign banks, and Edge Act corporations, (2.) Transaction accounts include all deposits against which the account holder is permitted to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or telephone or preauthorized transfers for the purpose of making payments to third persons or others. However, accounts subject to the rules that permit no more than six preauthorized, automatic, or other transfers per month (of which no more than three may be by check, draft, debit card, or similar order payable directly to third parties) are savings deposits, not transaction accounts, (3.) The Monetary Control Act of 1980 requires that the amount of transaction accounts against which the 3 percent reserve requirement applies be modified annually by 80 percent of the percentage change in transaction accounts held by all depository institutions, determined as of June 30 of each year. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the amount was decreased from $47.8 million to $46.5 million, Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the amount of reservable liabilities subject to a zero percent reserve requirement each year for the succeeding calendar year by 80 percent of the percentage increase in the total reservable liabilities of all depository institutions, measured on an annual basis as of June 30. No corresponding adjustment is made in the event of a decrease. The exemption applies only to accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the exemption was raised from $4.7 million to $4.9 million. (4.) The reserve requirement was reduced from 12 percent to 10 percent on Apr. 2, 1992, for institutions that report weekly, and on Apr. 16, 1992, for institutions that report quarterly. (5.) For institutions that report weekly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years was reduced from 3 percent to 1 1/2 percent for the maintenance period that began Dec. 13, 1990, and to zero for the maintenance period that began Dec. 27, 1990. For institutions that report quarterly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years was reduced from 3 percent to zero on Jan. 17, 1991. The reserve requirement on nonpersonal time deposits with an original maturity of 1 1/2 years or more has been zero since Oct. 6, 1983. (6.) The reserve requirement on Eurocurrency liabilities was reduced from 3 percent to zero in the same manner and on the same dates as the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years (see note 5). 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)
Millions of dollars
Type of transaction 1996 1997 1998
and maturity
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 9,901 9,147 3,550
2 Gross sales 0 0 0
3 Exchanges 426,928 436,257 450,835
4 For new bills 426,928 435,907 450,835
5 Redemptions 0 0 2,000
Others within one year
6 Gross purchases 524 5,549 6,297
7 Gross sales 0 0 0
8 Maturity shifts 30,512 41,716 46,062
9 Exchanges -41,394 -27,499 -49,434
10 Redemptions 2,015 1,996 2,676
One to five years
11 Gross purchases 3,898 19,680 12,901
12 Gross sales 0 0 0
13 Maturity shifts -25,022 -37,987 -37,777
14 Exchanges 31,459 20,274 37,154
Five to ten years
15 Gross purchases 1,116 3,849 2,294
16 Gross sales 0 0 0
17 Maturity shifts -5,469 -1,954 -5,908
18 Exchanges 6,666 5,215 7,439
More than ten years
19 Gross purchases 1,655 5,897 4,884
20 Gross sales 0 0 0
21 Maturity shifts -20 -1,775 -2,377
22 Exchanges 3,270 2,360 4,842
All maturities
23 Gross purchases 17,094 44,122 29,926
24 Gross sales 0 0 0
25 Redemptions 2,015 1,996 4,676
Matched transactions
26 Gross purchases 3,092,399 3,577,954 4,395,430
27 Gross sales 3,094,769 3,580,274 4,399,330
Repurchase agreements
28 Gross purchases 457,568 810,485 512,671
29 Gross sales 450,359 809,268 514,186
30 Net change in U.S. 19,919 41,022 19,835
Treasury securities
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 25
33 Redemptions 409 1,540 322
Repurchase agreements
34 Gross purchases 75,354 160,409 284,316
35 Gross sales 74,842 159,369 276,266
36 Net change in 103 -500 7,703
federal agency
obligations
37 Total net change in 20,021 40,522 27,538
System Open Market
Account
Type of transaction 1998
and maturity
June July Aug. Sept.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0 0 0
2 Gross sales 0 0 0 0
3 Exchanges 32,830 40,312 34,607 33,140
4 For new bills 32,830 40,312 34,607 33,140
5 Redemptions 0 0 0 0
Others within one year
6 Gross purchases 0 0 986 1,038
7 Gross sales 0 0 0 0
8 Maturity shifts 1,520 2,638 6,367 2,301
9 Exchanges -5,084 -2,242 -8,964 -2,242
10 Redemptions 0 1,311 0 0
One to five years
11 Gross purchases 0 0 535 3,989
12 Gross sales 0 0 0 0
13 Maturity shifts -1,520 -2,638 -2,168 -2,301
14 Exchanges 5,084 1,842 5,828 2,242
Five to ten years
15 Gross purchases 0 0 303 351
16 Gross sales 0 0 0 0
17 Maturity shifts 0 0 -3,411 0
18 Exchanges 0 0 1,364 0
More than ten years
19 Gross purchases 0 0 1,769 0
20 Gross sales 0 0 0 0
21 Maturity shifts 0 0 -789 0
22 Exchanges 0 400 1,772 0
All maturities
23 Gross purchases 0 0 3,593 5,377
24 Gross sales 0 0 0 0
25 Redemptions 0 1,311 0 0
Matched transactions
26 Gross purchases 369,358 373,285 346,245 380,594
27 Gross sales 370,569 371,142 348,318 382,063
Repurchase agreements
28 Gross purchases 57,098 52,116 39,078 63,924
29 Gross sales 41,414 63,531 38,402 59,731
30 Net change in U.S. 14,473 -10,584 2,196 8,101
Treasury securities
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0 0
32 Gross sales 0 0 25 0
33 Redemptions 25 0 50 48
Repurchase agreements
34 Gross purchases 14,548 11,236 33,431 18,486
35 Gross sales 12,913 12,341 30,625 19,953
0
36 Net change in 1,610 -1,105 2,731 -1,515
federal agency
obligations
37 Total net change in 16,083 -11,689 4,927 6,586
System Open
Market Account
Type of transaction 1998
and maturity
Oct. Nov. Dec.
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0 0
2 Gross sales 0 0 0
3 Exchanges 40,712 34,957 41,393
4 For new bills 40,712 34,957 41,393
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 741 662 0
7 Gross sales 0 0 0
8 Maturity shifts 2,423 5,444 2,539
9 Exchanges -400 -8,093 -2,555
10 Redemptions 602 0 0
One to five years
11 Gross purchases 725 2,397 0
12 Gross sales 0 0 0
13 Maturity shifts -2,423 -4,574 -2,539
14 Exchanges 0 6,013 2,555
Five to ten years
15 Gross purchases 0 862 0
16 Gross sales 0 0 0
17 Maturity shifts 0 718 0
18 Exchanges 400 1,135 0
More than ten years
19 Gross purchases 1,674 698 0
20 Gross sales 0 0 0
21 Maturity shifts 0 -1,589 0
22 Exchanges 0 945 0
All maturities
23 Gross purchases 3,140 4,619 0
24 Gross sales 0 0 0
25 Redemptions 602 0 0
Matched transactions
26 Gross purchases 402,581 358,438 418,538
27 Gross sales 400,995 359,256 420,397
Repurchase agreements
28 Gross purchases 40,823 23,884 49,296
29 Gross sales 48,672 19,200 38,592
30 Net change in U.S. -3,725 8,484 8,845
Treasury securities
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 15 20 30
Repurchase agreements
34 Gross purchases 51,471 51,419 48,815
35 Gross sales 50,032 48,785 44,285
36 Net change in 1,424 2,614 4,500
federal agency
obligations
37 Total net change in System -2,301 11,098 13,345
Open Market Account
(1.) Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings, (2.) Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements(1)
Millions of dollars
Wednesday
Account 1998 1999
Dec. 30 Jan. 6 Jan. 13
Consolidated condition
statements
ASSETS
1 Gold certificate account 11,046 11,046 11,046
2 Special drawing rights
certificate account 9,200 9,200 9,200
3 Coin 360 353 386
Loans
4 To depository institutions 1,669 108 152
5 Other 0 0 0
6 Acceptances held
under repurchase
agreements 0 0 0
Federal agency obligations
7 Bought outright 338 338 338
8 Held under
repurchase agreements 7,388 3,353 4,472
9 Total U.S. Treasury securities 470,321 460,152 460,111
10 Bought outright(2) 454,772 455,645 456,411
11 Bills 197,404 198,277 199,042
12 Notes 187,895 187,895 187,895
13 Bonds 69,474 69,474 69,474
14 Held under
repurchase agreements 15,549 4,507 3,700
15 Total loans and securities 479,716 463,951 465,073
16 Items in process of collection 8,895 13,060 10,114
17 Bank premises 1,297 1,300 1,300
Other assets
18 Denominated in
foreign currencies(3) 18,980 19,776 19,784
19 All other(4) 16,829 14,748 14,995
20 Total assets 546,322 533,434 531,897
LIABILITIES
21 Federal Reserve notes 492,524 489,345 484,456
22 Total deposits 29,435 19,062 23,150
23 Depository institutions 18,931 13,765 17,730
24 U.S. Treasury--general account 10,174 4,960 5,006
25 Foreign Official accounts 166 170 214
26 Other 164 162 200
27 Deferred credit items 7,406 8,561 7,678
28 Other liabilities
and accrued dividends(5) 4,464 4,089 4,194
29 Total liabilities 533,829 521,057 519,478
CAPITAL ACCOUNTS
30 Capital paid in 5,951 5,960 5,960
31 Surplus 5,246 5,952 5,952
32 Other capital accounts 1,296 465 507
33 Total liabilities
and capital accounts 546,322 533,434 531,897
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts 594,076 599,947 600,099
Federal Reserve
note statement
35 Federal Reserve
notes outstanding
(issued to Banks) 612,055 613,734 617,857
36 LESS: Held by
Federal Reserve Banks 119,530 124,390 133,400
37 Federal Reserve notes, net 492,524 489,345 484,456
Collateral held
against notes, net
38 Gold certificate account 11,046 11,046 11,046
39 Special drawing
rights certificate account 9,200 9,200 9,200
40 Other eligible assets 0 0 0
41 U.S. Treasury and
agency securities 472,278 469,099 464,211
42 Total collateral 492,524 489,345 484,456
Wednesday
Account 1999
Jan. 20 Jan. 27
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,046 11,046
2 Special drawing rights
certificate account 9,200 9,200
3 Coin 410 439
Loans
4 To depository institutions 78 12
5 Other 0 0
6 Acceptances held
under repurchase
agreements 0 0
Federal agency obligations
7 Bought outright 338 336
8 Held under
repurchase agreements 3,958 4,027
9 Total U.S. Treasury securities 460,008 464,429
10 Bought outright(2) 453,868 454,538
11 Bills 196,992 197,662
12 Notes 187,403 187,403
13 Bonds 69,474 69,474
14 Held under
repurchase agreements 6,140 9,891
15 Total loans and securities 464,382 468,804
16 Items in process of collection 16,278 7,289
17 Bank premises 1,300 1,301
Other assets
18 Denominated in
foreign currencies(3) 19,793 19,802
19 All other(4) 15,331 16,548
20 Total assets 537,740 534,429
LIABILITIES
21 Federal Reserve notes 482,814 481,049
22 Total deposits 27,308 29,985
23 Depository institutions 19,459 22,563
24 U.S. Treasury--general account 7,466 7,038
25 Foreign Official accounts 177 168
26 Other 206 217
27 Deferred credit items 10,991 6,785
28 Other liabilities
and accrued dividends(5) 4,226 4,192
29 Total liabilities 525,340 522,011
CAPITAL ACCOUNTS
30 Capital paid in 5,964 5,955
31 Surplus 5,952 5,952
32 Other capital accounts 484 511
33 Total liabilities
and capital accounts 537,740 534,429
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts 605,156 600,443
Federal Reserve note
statement
35 Federal Reserve
notes outstanding
(issued to Banks) 621,030 623,737
36 LESS: Held by
Federal Reserve Banks 138,216 142,688
37 Federal Reserve notes, net 482,814 481,049
Collateral held
against notes, net
38 Gold certificate account 11,046 11,046
39 Special drawing
rights certificate account 9,200 9,200
40 Other eligible assets 0
41 U.S. Treasury and
agency securities 462,569 460,803
42 Total collateral 482,814 481,049
End of month
1998 1999
Account
Nov. 31 Dec. 31 Jan. 31
Consolidated condition
statements
ASSETS
1 Gold certificate account 11,041 11,046 11,048
2 Special drawing rights
certificate account 9,200 9,200 9,200
3 Coin 391 358 459
Loans
4 To depository institutions 17 17 60
5 Other 0 0 0
6 Acceptances held
under repurchase
agreements 0 0 0
Federal agency obligations
7 Bought outright 368 368 336
8 Held under
repurchase agreements 6,172 10,702 2,535
9 Total U.S. Treasury securities 462,961 471,815 458,924
10 Bought outright(2) 453,991 452,141 454,439
11 Bills 196,631 194,772 196,948
12 Notes 187,888 187,895 187,403
13 Bonds 69,472 69,474 70,089
14 Held under
repurchase agreements 8,970 19,674 4,485
15 Total loans and securities 469,517 482,872 461,855
16 Items in process of collection 2,899 6,933 5,325
17 Bank premises 1,294 1,300 1,299
Other assets
18 Denominated in
foreign currencies(3) 18,943 19,767 19,235
19 All other(4) 14,456 16,625 16,165
20 Total assets 527,740 548,101 524,586
LIABILITIES
21 Federal Reserve notes 481,438 491,657 479,689
22 Total deposits 27,260 34,165 23,682
23 Depository institutions 21,493 26,306 15,577
24 U.S. Treasury--general account 5,219 6,086 7,623
25 Foreign Official accounts 211 167 234
26 Other 337 1,605 246
27 Deferred credit items 2,463 5,924 4,948
28 Other liabilities
and accrued dividends(5) 4,456 4,450 4,183
29 Total liabilities 515,617 536,197 512,501
CAPITAL ACCOUNTS
30 Capital paid in 5,931 5,952 5,955
31 Surplus 5,205 5,952 5.94
32 Other capital accounts 987 0 188
33 Total liabilities
and capital accounts 527,740 548,101 524,586
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts 596,157 594,076 600,443
Federal Reserve note statement
35 Federal Reserve
notes outstanding
(issued to Banks) 611,688 625,230
36 LESS: Held by 601,253
Federal Reserve Banks 119,815 120,030 145,541
37 Federal Reserve notes, net 481,438 491,657 479,689
Collateral held
against notes, net
38 Gold certificate account 11,041 11,046 11,048
39 Special drawing
rights certificate account 9,200 9,200 9,200
40 Other eligible assets 0 0 0
41 U.S. Treasury and
agency securities 461,197 471,412 459,441
42 Total collateral 481,438 491,657 479,689
(1.) Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical release. For ordering address, see inside front cover. (2.) Includes securities loaned--fully guaranteed by U.S. Treasury securities pledged with Federal Reserve Banks--and includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. Excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. (3.) Valued monthly at market exchange rates. (4.) Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. (5.) Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holding
Millions of dollars
Wednesday
Type of holding and maturity 1998 1999
Dec. 30 Jan. 6 Jan. 13
1 Total loans 1,669 108 152
2 Within fifteen days(1) 1,668 105 148
3 Sixteen days to ninety days 1 4 4
4 Total U.S. Treasury securities(2) 465,814 458,877 460,111
5 Within fifteen days(1) 23,470 17,251 12,752
6 Sixteen days to ninety days 97,252 102,434 103,096
7 Ninety-one days to one year 137,252 130,973 136,043
8 One year to five years 107,350 107,730 107,730
9 Five years to ten years 44,822 44,822 44,822
10 More than ten years 55,668 55,669 55,669
11 Total federal agency obligations 4,373 2,966 4,810
12 Within fifteen days(1) 4,035 2,628 4,474
13 Sixteen days to ninety days 27 27 25
14 Ninety-one days to one year 75 75 75
15 One year to five years 61 61 61
16 Five years to ten years 175 175 175
17 More than ten years 0 0 0
Wednesday
Type of holding and maturity 1999
Jan. 20 Jan. 27
1 Total loans 78 12
2 Within fifteen days(1) 78 12
3 Sixteen days to ninety days 0 0
4 Total U.S. Treasury securities(2) 457,933 464,429
5 Within fifteen days(1) 16,543 23,513
6 Sixteen days to ninety days 98,021 97,932
7 Ninety-one days to one year 135,438 135,053
8 One year to five years 107,040 107.04
9 Five years to ten years 45,222 45,222
10 More than ten years 55,669 55,669
11 Total federal agency obligations 3,706 4,362
12 Within fifteen days(1) 3,370 4,027
13 Sixteen days to ninety days 25 25
14 Ninety-one days to one year 75 81
15 One year to five years 61 55
16 Five years to ten years 175 175
17 More than ten years 0 0
End of month
Type of holding and maturity 1998 1999
Nov. 30 Dec. 31 Jan. 29
1 Total loans 16 18 143
2 Within fifteen days(1) 4 18 143
3 Sixteen days to ninety days 12 n.a. 0
4 Total U.S. Treasury securities(2) 462,961 467,308 458,924
5 Within fifteen days(1) 16,007 16,325 10,051
6 Sixteen days to ninety days 100,695 99,127 110,149
7 Ninety-one days to one year 138,427 143,635 130,178
8 One year to five years 107,348 107,730 107,040
9 Five years to ten years 44,817 44,822 45,222
10 More than ten years 55,666 55,668 56,284
11 Total federal agency obligations 6,540 7,687 2,871
12 Within fifteen days(1) 6,202 7,349 2,535
13 Sixteen days to ninety days 2 27 25
14 Ninety-one days to one year 100 75 81
15 One year to five years 51 61 55
16 Five years to ten years 185 175 175
17 More than ten years 0 0 0
(1.) Holdings under repurchase agreements are classified as maturing within fifteen days in accordance with maximum maturity of the agreements. (2.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE(1)
Billions of dollars, averages of daily figures
Item 1995 1996 1997
Dec. Dec. Dec.
ADJUSTED FOR CHANGES Seasonally adjusted
IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 56.40 50.08 46.67
2 Nonborrowed reserves(4) 56.14 49.93 46.35
3 Nonborrowed reserves plus 56.14 49.93 46.35
extended credit(5)
4 Required reserves 55.12 48.66 44.99
5 Monetary base(6) 434.03(r) 451.60(r) 479.39(r)
Not seasonally adjusted
6 Total reserves(7) 58.02 51.52 47.97
7 Nonborrowed reserves 57.76 51.37 47.65
8 Nonborrowed reserves plus 57.76 51.37 47.65
extended credit(5)
9 Required reserves(8) 56.74 50.10 46.29
10 Monetary base(9) 439.02(r) 456.71(r) 485.05(r)
NOT ADJUSTED FOR CHANGES
IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 57.90 51.24 47.88
12 Nonborrowed reserves 57.64 51.09 47.56
13 Nonborrowed reserves plus 57.64 51.09 47.56
extended credit(5)
14 Required reserves 56.62 49.82 46.20
15 Monetary base(12) 444.44(r) 463.48(r) 491.86(r)
16 Excess reserves(13) 1.28 1.42 1.68
17 Borrowings from the .26 .16 .32
Federal Reserve
1998
Item 1998
Dec.
June July
ADJUSTED FOR CHANGES Seasonally adjusted
IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 44.91 45.39 44.81
2 Nonborrowed reserves(4) 44.79 45.14 44.56
3 Nonborrowed reserves plus 44.79 45.14 44.56
extended credit(5)
4 Required reserves 43.32 43.77 43.45
5 Monetary base(6) 512.99(r) 492.40(r) 494.62(r)
Not seasonally adjusted
6 Total reserves(7) 45.17(r) 45.17 44.69
7 Nonborrowed reserves 45.06 44.92 44.43
8 Nonborrowed reserves plus 45.06 44.92 44.43
extended credit(5)
9 Required reserves(8) 43.59 43.55 43.32
10 Monetary base(9) 518.29(r) 491.11(r) 495.28(r)
NOT ADJUSTED FOR CHANGES
IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 45.02 45.10 44.60
12 Nonborrowed reserves 44.90(r) 44.84 44.34
13 Nonborrowed reserves plus 44.90(r) 44.84 44.34
extended credit(5)
14 Required reserves 43.44(r) 43.48 43.24
15 Monetary base(12) 525.02(r) 497.87(r) 502.13(r)
16 Excess reserves(13) 1.58(r) 1.62 1.37
17 Borrowings from the .12 .25 .26
Federal Reserve
1998
Item
Aug. Sept. Oct.
ADJUSTED FOR CHANGES Seasonally adjusted
IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 45.00 44.59 44.91
2 Nonborrowed reserves(4) 44.73 44.33 44.21
3 Nonborrowed reserves plus 44.73 44.33 44.21
extended credit(5)
4 Required reserves 43.48 42.90 42.81
5 Monetary base(6) 498.17(r) 502.24(r) 505.77(r)
Not seasonally adjusted
6 Total reserves(7) 44.81 44.31 44.24
7 Nonborrowed reserves 44.54 44.06 44.07
8 Nonborrowed reserves plus 44.54 44.06 44.07
extended credit(5)
9 Required reserves(8) 43.30 42.63 42.67
10 Monetary base(9) 497.49(r) 500.99(r) 504.51(r)
NOT ADJUSTED FOR CHANGES
IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 44.71 44.19 44.12
12 Nonborrowed reserves 44.44 43.94 43.94
13 Nonborrowed reserves plus 44.44 43.94 43.94
extended credit(5)
14 Required reserves 43.19 42.51 42.54
15 Monetary base(12) 504.39(r) 507.80(r) 511.36(r)
16 Excess reserves(13) 1.51 1.68 1.57
17 Borrowings from the .27 .25 .17
Federal Reserve
1999
Item
Nov. Dec. Jan.
ADJUSTED FOR CHANGES Seasonally adjusted
IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 44.57 44.91 44.87
2 Nonborrowed reserves(4) 44.49 44.79 44.67
3 Nonborrowed reserves plus 44.49 44.79 44.67
extended credit(5)
4 Required reserves 42.95 43.32 43.34
5 Monetary base(6) 509.49(r) 512.99(r) 516.57
Not seasonally adjusted
6 Total reserves(7) 44.29 45.17(r) 46.33
7 Nonborrowed reserves 44.21 45.06 46.12
8 Nonborrowed reserves plus 44.21 45.06 46.12
extended credit(5)
9 Required reserves(8) 42.67 43.59 44.80
10 Monetary base(9) 510.17(r) 518.29(r) 519.93
NOT ADJUSTED FOR CHANGES
IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 44.15 45.02 46.33
12 Nonborrowed reserves 44.07 44.90(r) 46.13
13 Nonborrowed reserves plus 44.07 44.90(r) 46.13
extended credit(5)
14 Required reserves 42.53 43.44(r) 44.80
15 Monetary base(12) 516.94(r) 525.02(r) 527.51
16 Excess reserves(13) 1.62 1.58(r) 1.53
17 Borrowings from the .08 .12 .21
Federal Reserve
(1.) Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. (2.) Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) (3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves (line 4) plus excess reserves (line 16). (4.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 17). (5.) Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves. (6.) The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (7.) Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess reserves (line 16). (8.) To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). (9.) The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (10.) Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. (11.) Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. (12.) The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. (13.) Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). 1.21 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES(1)
Billions of dollars, averages of daily figures
1995 1996 1997
Item Dec.(r) Dec.(r) Dec.(r)
Seasonally adjusted
Measures(2)
1 M1 1,126.7 1,081.3 1,074.9
2 M2 3,649.1 3,823.9 4,046.6
3 M3 4,618.5 4,955.6 5,404.7
4 Debt 13,695.6 14,424.1 15,167.2
M1 components
5 Currency 372.3 394.1 424.5
6 Travelers checks(4) 8.3 8.0 7.7
7 Demand deposits(5) 389.4 403.0 396.5
8 Other checkable deposits(6) 356.7 276.2 246.2
Nontransaction components
9 In M2(7) 2,522.4 2,742.6 2,971.8
10 In M3 only(8) 969.4 1,131.7 1,358.0
Commercial banks
11 Savings deposits, including 775.3 905.2 1,022.9
MMDAs
12 Small time deposits(9) 575.0 593.7 626.1
13 Large time deposits(10), (11) 346.6 414.8 490.2
Thrift institutions
14 Savings deposits including 359.8 367.1 377.3
MMDAs
15 Small time deposits(9) 356.7 353.8 343.2
16 Large time deposits(10) 74.5 78.4 85.9
Money market mutual funds
17 Retail 455.5 522.8 602.3
18 Institution-only 255.9 313.3 379.9
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 198.7 211.3 252.8
20 Eurodollars(12) 93.7 113.9 149.2
Debt components
21 Federal debt 3,638.9 3,780.6 3,798.4
22 Nonfederal debt 10,056.7 10,643.5 11,368.8
Not seasonally adjusted
Measures(2)
23 M1 1,152.4 1,104.9 1,097.4
24 M2 3,671.7 3,843.7 4,064.8
25 M3 4,638.0 4,972.5 5,420.8
26 Debt 13,697.0 14,424.4 15,166.8
M1 components
27 Currency(3) 376.2 397.9 428.9
28 Travelers checks(4) 8.5 8.3 7.9
29 Demand deposits(5) 407.2 419.9 412.3
30 Other checkable deposits(6) 360.5 278.8 248.3
Nontransaction components
31 In M2(7) 2,519.3 2,738.9 2,967.4
32 In M3 only(8) 966.4 1,128.8 1,356.0
Commercial banks
33 Savings deposits including 774.1 903.3 1,020.4
MMDAs
34 Small time deposits 573.8 592.7 625.3
35 Large time deposits(10, 11) 345.8 413.3 487.7
Thrift institutions
36 Savings deposits, including 359.2 366.3 376.4
MMDAs
37 Small time deposits 355.9 353.2 342.8
38 Large time deposits(10) 74.3 78.1 85.4
Money market mutual funds
39 Retail 456.1 523.2 602.5
40 Institution-only 257.7 316.0 384.5
Repurchase agreements and
Eurodollars
41 Repurchase agreements 193.8 205.7 246.1
42 Eurodollars 94.9 115.7 152.3
Debt components
43 Federal debt 3,645.9 3,787.9 3,805.8
44 Nonfederal debt 10,051.1 10,636.5 11,361.0
1998(r)
1998
Item Dec.(r)
Oct. Nov.
Seasonally adjusted
Measures(2)
1 M1 1,093.0 1,080.4 1,088.8
2 M2 4,401.5 4,327.0 4,365.1
3 M3 6,005.9 5,876.3 5,945.3
4 Debt 16,128.1 15,956.7 16,048.3
M1 components
5 Currency 459.2 453.3 456.4
6 Travelers checks(4) 7.8 8.3 7.9
7 Demand deposits(5) 377.3 374.7 376.8
8 Other checkable deposits(6) 248.7 244.2 247.6
Nontransaction components
9 In M2(7) 3,308.4 3,246.6 3,276.3
10 In M3 only(8) 1,604.5 1,549.3 1,580.2
Commercial banks
11 Savings deposits, including 1,189.8 1,155.3 1,171.1
MMDAs
12 Small time deposits(9) 626.1 627.5 628.3
13 Large time deposits(10), (11) 548.5 535.5 542.7
Thrift institutions
14 Savings deposits including 415.2 407.8 411.5
MMDAs
15 Small time deposits(9) 325.7 330.5 327.5
16 Large time deposits(10) 89.1 87.7 87.9
Money market mutual funds
17 Retail 751.6 725.5 737.9
18 Institution-only 516.2 486.7 503.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 297.7 283.5 289.5
20 Eurodollars(12) 153.0 156.0 156.2
Debt components
21 Federal debt 3,747.4 3,750.3 3,748.8
22 Nonfederal debt 12,380.8 12,206.4 12,299.5
Not seasonally adjusted
Measures(2)
23 M1 1,115.0 1,076.2 1,094.1
24 M2 4,418.3 4,311.8 4,365.5
25 M3 6,022.0 5,861.3 5,950.2
26 Debt 16,128.5 15,918.3 16,030.4
M1 components
27 Currency(3) 464.1 452.6 457.5
28 Travelers checks(4) 8.0 8.2 8.1
29 Demand deposits(5) 392.1 373.2 381.6
30 Other checkable deposits(6) 250.7 242.2 247.0
Nontransaction components
31 In M2(7) 3,303.3 3,235.6 3,271.4
32 In M3 only(8) 1,603.8 1,549.5 1,584.6
Commercial banks
33 Savings deposits including 1,186.7 1,147.6 1,167.9
MMDAs
34 Small time deposits 625.5 628.1 628.4
35 Large time deposits(10, 11) 544.9 538.9 544.9
Thrift institutions
36 Savings deposits, including 414.1 405.1 410.4
MMDAs
37 Small time deposits 325.4 330.8 327.6
38 Large time deposits(10) 88.5 88.2 88.3
Money market mutual funds
39 Retail 751.6 724.1 737.2
40 Institution-only 523.3 482.9 504.9
Repurchase agreements and
Eurodollars
41 Repurchase agreements 290.3 282.6 290.0
42 Eurodollars 156.8 156.8 156.6
Debt components
43 Federal debt 3,754.9 3,727.8 3,746.6
44 Nonfederal debt 12,373.5 12,190.5 12,283.9
1998(r) 1999
Item
Dec. Jan.
Seasonally adjusted
Measures(2)
1 M1 1,093.0 1,090.2
2 M2 4,401.5 4,424.0
3 M3 6,005.9 6,027.9
4 Debt 16,128.1 n.a.
M1 components
5 Currency 459.2 462.6
6 Travelers checks(4) 7.8 7.8
7 Demand deposits(5) 377.3 370.7
8 Other checkable deposits(6) 248.7 249.2
Nontransaction components
9 In M2(7) 3,308.4 3,333.8
10 In M3 only(8) 1,604.5 1,604.0
Commercial banks
11 Savings deposits, including 1,189.8 1,201.3
MMDAs
12 Small time deposits(9) 626.1 621.9
13 Large time deposits(10), (11) 548.5 558.4
Thrift institutions
14 Savings deposits including 415.2 420.2
MMDAs
15 Small time deposits(9) 325.7 324.3
16 Large time deposits(10) 89.1 91.1
Money market mutual funds
17 Retail 751.6 766.1
18 Institution-only 516.2 515.0
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 297.7 291.5
20 Eurodollars(12) 153.0 148.0
Debt components
21 Federal debt 3,747.4 n.a.
22 Nonfederal debt 12,380.8 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,115.0 1,097.5
24 M2 4,418.3 4,427.4
25 M3 6,022.0 6,035.8
26 Debt 16,128.5 n.a.
M1 components
27 Currency(3) 464.1 462.4
28 Travelers checks(4) 8.0 7.9
29 Demand deposits(5) 392.1 375.3
30 Other checkable deposits(6) 250.7 251.9
Nontransaction components
31 In M2(7) 3,303.3 3,329.9
32 In M3 only(8) 1,603.8 1,608.4
Commercial banks
33 Savings deposits including 1,186.7 1,196.3
MMDAs
34 Small time deposits 625.5 622.6
35 Large time deposits(10, 11) 544.9 544.4
Thrift institutions
36 Savings deposits, including 414.1 418.5
MMDAs
37 Small time deposits 325.4 324.6
38 Large time deposits(10) 88.5 88.8
Money market mutual funds
39 Retail 751.6 767.8
40 Institution-only 523.3 529.3
Repurchase agreements and
Eurodollars
41 Repurchase agreements 290.3 292.9
42 Eurodollars 156.8 153.1
Debt components
43 Federal debt 3,754.9 n.a.
44 Nonfederal debt 12,373.5 n.a.
(1.) Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. (2.) Composition of the money stock measures and debt is as follows: M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2: M1 plus (1) savings deposits (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more) issued by all depository institutions, (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). (3.) Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. (4.) Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. (5.) Demand deposits at commercial banks and foreign-related institutions other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. (6.) Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. (7.) Sum of(l) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. (8.) Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees. (9.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. (10.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (11.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (12.) Includes both overnight and term. 1.26 -- COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1)
A. All commercial banks
Billions of dollars
Monthly averages
Account 1998 1998
Jan. July Aug.
Seasonally adjusted
Assets
1 Bank credit 4,155.4(r) 4,280.5 4,341.6
2 Securities in 1,110.4 1,130.4 1,156.5
bank credit
3 U.S. government
securities 762.9 760.7 771.2
4 Other securities 347.5 369.8 385.3
5 Loans and leases
in bank credit(2) 3,045.0 3,150.1 3,185.1(r)
6 Commercial
and industrial 864.2 897.7 906.3(r)
7 Real estate 1,234.2 1,271.9(r) 1,281.5(r)
8 Revolving
home equity 98.0 97.5 97.6
9 Other 1,136.2 1,174.4(r) 1,183.8(r)
10 Consumer 503.5 496.0(r) 494.5(r)
11 Security(3) 117.6 131.9 137.7
12 Other loans 325.6 352.5 365.1(r)
and leases
13 Interbank loans 201.8 213.2 206.1
14 Cash assets(4) 261.2 243.5 251.6
15 Other assets(5) 295.4 312.7 318.1
16 Total assets(6) 4,857.0(r) 4,992.2 5,060.2
Liabilities
17 Deposits 3,121.1 3,191.2 3,221.7
18 Transaction 682.4 664.7 665.3
19 Nontransaction 2,438.7 2,526.5 2,556.4
20 Large time 645.9 668.1 680.3
21 Other 1,792.9 1,858.3 1,876.0
22 Borrowings 828.1 857.7 859.9
23 From banks in the U.S. 290.9 295.3 298.1
24 From others 537.1 562.5 561.9(r)
25 Net due to related
foreign offices 235.0 187.6 203.8
26 Other liabilities 298.2 322.1 334.9
27 Total liabilities 4,482.4 4,558.6 4,620.4(r)
28 Residual (assets 374.6(r) 433.7 439.8(r)
less liabilities)(7)
Not seasonally adjusted
29 Bank credit 4,162.4 4,274.4 4,328.0(r)
30 Securities in
bank credit 1,110.7 1,124.8 1,147.9
31 U.S. government
securities 759.5 756.8 766.3
32 Other securities 351.2 368.0 381.6
33 Loans and leases
in bank credit(2) 3,051.7 3,149.6(r) 3,180.1(r)
34 Commercial
and industrial 861.8 897.3 900.3(r)
35 Real estate 1,234.3 1,274.0(r) 1,285.0(r)
36 Revolving
home equity 98.2 97.6 97.8
37 Other 1,136.1(r) 1,176.4(r) 1,187.3(r)
38 Consumer 510.2 494.1(r) 496.2(r)
39 Security(3) 117.8 129.7 133.2
40 Other loans
and leases 327.6 354.5(r) 365.4(r)
41 Interbank loans 208.7 206.8 199.0
42 Cash assets(4) 272.1 239.1 239.3
43 Other assets(5) 293.8 314.0 320.0
44 Total assets(6) 4,880.5 4,976.6 5,028.9
Liabilities
45 Deposits 3,127.2 3,183.7 3,211.5(r)
46 Transaction 694.4 659.8 651.9
47 Nontransaction 2,432.8 2,523.8 2,559.6
48 Large time 644.1 664.8 679.4
49 Other 1,788.7 1,859.0 1,880.2
50 Borrowings 834.5 862.1 852.6
51 From banks
in the U.S. 294.4 295.4 294.1
52 From others 540.1 566.6 558.6(r)
53 Net due to related
foreign offices 235.6 189.1 203.6
54 Other liabilities 298.2 321.4 334.9
55 Total liabilities 4,495.6 4,556.3 4,602.6
56 Residual (assets
less liabilities)(7) 385.0(r) 420.3 426.2(r)
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 94.4 92.9(r) 96.1(r)
58 Revaluation losses on
off-balance-
sheet items(8) 95.9 90.6 96.4(r)
Monthly averages
Account 1999
Sept. Oct.(r) Nov.(r)
Seasonally adjusted
Assets
1 Bank credit 4,398.9 4,488.3 4,528.2
2 Securities in 1,177.1 1,217.9 1,226.7
bank credit
3 U.S. government
securities 767.4 774.6 791.0
4 Other securities 409.7 443.3 435.7
5 Loans and leases
in bank credit(2) 3,221.8(r) 3,270.5 3,301.5
6 Commercial
and industrial 918.5(r) 939.1 947.2
7 Real estate 1,283.7(r) 1,287.8 1,309.3
8 Revolving
home equity 97.9 96.9 97.3
9 Other 1,185.8(r) 1,190.9 1,212.0
10 Consumer 497.4(r) 496.7 498.7
11 Security(3) 142.9 158.9 152.5
12 Other loans 379.4(r) 388.1 393.8
and leases
13 Interbank loans 219.8 220.3 219.8
14 Cash assets(4) 253.3 242.9 249.6
15 Other assets(5) 323.3 322.7 327.1
16 Total assets(6) 5,137.8(r) 5,216.5 5,266.7
Liabilities
17 Deposits 3,244.2 3,267.9 3,310.9
18 Transaction 675.1(r) 665.9 665.7
19 Nontransaction 2,569.2(r) 2,602.0 2,645.2
20 Large time 685.8(r) 697.4 709.0
21 Other 1,883.3 1,904.6 1,936.1
22 Borrowings 888.8 939.4 978.3
23 From banks in the U.S. 308.4 318.6 327.9
24 From others 580.4 620.8 650.3
25 Net due to related
foreign offices 202.7 226.1 218.5
26 Other liabilities 344.2 358.6 340.3
27 Total liabilities 4,680.0(r) 4,792.0 4,847.9
28 Residual (assets 457.8(r) 424.5 418.8
less liabilities)(7)
Not seasonally adjusted
29 Bank credit 4,385.7(r) 4,491.8 4,536.6
30 Securities in
bank credit 1,164.9 1,214.2 1,226.3
31 U.S. government
securities 762.3 772.0 792.2
32 Other securities 402.6 442.1 434.1
33 Loans and leases
in bank credit(2) 3,220.9 3,277.7 3,310.3
34 Commercial
and industrial 913.0(r) 937.0 945.8
35 Real estate 1,288.6(r) 1,294.5 1,316.0
36 Revolving
home equity 98.6 97.8 98.0
37 Other 1,190.1(r) 1,196.8 1,218.0
38 Consumer 500.2(r) 498.5 501.2
39 Security(3) 139.5 159.3 153.8
40 Other loans
and leases 379.5(r) 388.3 393.6
41 Interbank loans 214.2 216.4 226.3
42 Cash assets(4) 251.2 246.7 258.9
43 Other assets(5) 324.5 321.9 328.2
44 Total assets(6) 5,117.8(r) 5,219.0 5,291.8
Liabilities
45 Deposits 3,248.4 3,271.7 3,329.4
46 Transaction 670.4(r) 661.9 676.4
47 Nontransaction 2,578.0(r) 2,609.7 2,653.0
48 Large time 687.6 70l.4 715.2
49 Other 1,890.5 1,908.3 1,937.8
50 Borrowings 892.0(r) 935.4 974.1
51 From banks
in the U.S. 307.2 314.5 328.2
52 From others 584.8(r) 620.8 645.9
53 Net due to related
foreign offices 202.3 223.7 216.6
54 Other liabilities 343.9 358.3 341.6
55 Total liabilities 4,686.6 4,789.0 4,861.7
56 Residual (assets
less liabilities)(7) 431.2(r) 430.0 430.0
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 110.4(r) 130.7 110.6
58 Revaluation losses on
off-balance-
sheet items(8) 110.6(r) 128.0 109.3
Monthly Wednesday
averages figures
Account 1998 1999 1998
Dec.(r) Jan. Jan. 6
Seasonally adjusted
Assets
1 Bank credit 4,549.1 4,523.1 4,520.3
2 Securities in 1,235.9 1,216.6 1,216.0
bank credit
3 U.S. government
securities 793.1 793.9 794.1
4 Other securities 442.8 422.7 421.8
5 Loans and leases
in bank credit(2) 3,313.2 3,306.6 3,304.3
6 Commercial
and industrial 945.1 942.2 939.8
7 Real estate 1,323.0 1,324.4 1,324.5
8 Revolving
home equity 97.2 96.7 96.6
9 Other 1,225.8 1,227.8 1,227.9
10 Consumer 501.7 503.1 500.2
11 Security(3) 151.4 152.7 153.3
12 Other loans 392.0 384.1 386.4
and leases
13 Interbank loans 214.9 217.0 209.1
14 Cash assets(4) 249.9 263.5 258.5
15 Other assets(5) 328.9 333.2 330.4
16 Total assets(6) 5,284.7 52,788.0 5,260.4
Liabilities
17 Deposits 3,319.2 3,339.4 3,341.1
18 Transaction 664.7 661.7 647.8
19 Nontransaction 2,654.5 2,677.7 2,693.3
20 Large time 702.0 713.4 709.8
21 Other 1,952.5 1,964.3 1,983.4
22 Borrowings 987.4 973.4 965.0
23 From banks in the U.S. 325.2 321.2 319.9
24 From others 662.2 652.2 645.0
25 Net due to related
foreign offices 217.1 214.5 212.7
26 Other liabilities 342.0 341.0 341.0
27 Total liabilities 4,865.7 4,868.3 4,859.8
28 Residual (assets 419.0 410.6 400.6
less liabilities)(7)
Not seasonally adjusted
29 Bank credit 4,559.8 4,532.3 4,544.6
30 Securities in
bank credit 1,231.0 1,218.9 1,220.7
31 U.S. government
securities 791.7 791.3 792.1
32 Other securities 439.4 427.6 428.6
33 Loans and leases
in bank credit(2) 3,328.8 3,313.4 3,323.9
34 Commercial
and industrial 943.1 939.3 940.5
35 Real estate 1,326.6 1,324.4 1,326.7
36 Revolving
home equity 97.5 96.9 97.2
37 Other 1,229.1 1,227.5 1,229.5
38 Consumer 508.0 509.9 510.5
39 Security(3) 154.3 153.1 152.2
40 Other loans
and leases 396.9 386.7 393.9
41 Interbank loans 224.8 224.0 222.2
42 Cash assets(4) 268.2 274.2 274.8
43 Other assets(5) 329.0 331.2 330.2
44 Total assets(6) 5,323.6 5,304.0 5,314.1
Liabilities
45 Deposits 3,351.2 3,344.3 3,383.1
46 Transaction 698.4 673.2 687.2
47 Nontransaction 2,652.8 2,671.2 2,695.8
48 Large time 707.2 711.5 708.8
49 Other 1,945.6 1,959.7 1,987.0
50 Borrowings 982.5 979.7 955.6
51 From banks
in the U.S. 329.3 324.8 318.6
52 From others 653.2 654.9 637.0
53 Net due to related
foreign offices 218.2 216.1 212.6
54 Other liabilities 342.9 341.1 340.7
55 Total liabilities 48,943.0 4,881.3 4,891.9
56 Residual (assets
less liabilities)(7) 428.9 422.6 422.2
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 117.2 111.6 111.3
58 Revaluation losses on
off-balance-
sheet items(8) 115.0 107.6 107.4
Wednesday figures
Account 1999
Jan. 13 Jan. 20 Jan. 27
Seasonally adjusted
Assets
1 Bank credit 4,526.9 4,532.4 4,518.7
2 Securities in 1,219.8 1,218.8 1,217.5
bank credit
3 U.S. government
securities 795.1 792.2 796.7
4 Other securities 424.7 426.6 420.8
5 Loans and leases
in bank credit(2) 3,307.1 3,313.5 3,301.3
6 Commercial
and industrial 941.2 944.6 942.8
7 Real estate 1,329.5 1,323.4 1,318.8
8 Revolving
home equity 96.6 96.7 96.8
9 Other 1,233.0 1,226.7 1,222.0
10 Consumer 502.5 504.3 504.5
11 Security(3) 150.1 158.3 152.5
12 Other loans 383.8 382.9 382.6
and leases
13 Interbank loans 213.9 220.0 221.5
14 Cash assets(4) 256.8 279.5 262.9
15 Other assets(5) 331.8 337.6 332.4
16 Total assets(6) 52,713.0 5,311.5 5,277.7
Liabilities
17 Deposits 3,332.4 3,353.7 3,326.3
18 Transaction 648.7 684.2 672.7
19 Nontransaction 2,683.7 2,669.5 2,653.6
20 Large time 713.3 715.1 713.3
21 Other 1,970.4 1,954.3 1,940.4
22 Borrowings 974.5 987.1 977.0
23 From banks in the U.S. 325.7 320.5 320.6
24 From others 648.7 666.6 656.4
25 Net due to related
foreign offices 213.6 209.6 213.7
26 Other liabilities 343.5 347.0 337.6
27 Total liabilities 4,864.1 4,897.4 4,854.6
28 Residual (assets 407.3 414.1 423.2
less liabilities)(7)
Not seasonally adjusted
29 Bank credit 4,539.9 4,536.2 4,514.4
30 Securities in
bank credit 1,221.2 1.217.6 1,217.1
31 U.S. government
securities 793.1 789.2 791.9
32 Other securities 428.0 428.4 425.1
33 Loans and leases
in bank credit(2) 3,318.7 3,318.6 3,297.4
34 Commercial
and industrial 937.2 940.7 938.1
35 Real estate 1,332.5 1,323.2 1,315.9
36 Revolving
home equity 97.0 97.0 96.9
37 Other 1,235.6 1,226.3 1,219.1
38 Consumer 510.9 510.7 509.5
39 Security(3) 151.6 158.0 152.4
40 Other loans
and leases 386.4 386.0 381.4
41 Interbank loans 224.4 224.4 220.0
42 Cash assets(4) 268.2 268.2 257.5
43 Other assets(5) 328.9 328.9 329.2
44 Total assets(6) 5,303.5 5,346.5 5,263.8
Liabilities
45 Deposits 3,354.2 3,361.3 3,288.2
46 Transaction 669.3 700.3 653.0
47 Nontransaction 2,684.9 2,661.0 2,635.2
48 Large time 711.9 712.0 711.4
49 Other 1,973.0 1,949.0 1,923.8
50 Borrowings 971.1 1,004.6 992.8
51 From banks
in the U.S. 327.0 328.0 326.5
52 From others 644.2 676.6 666.3
53 Net due to related
foreign offices 214.5 211.8 219.7
54 Other liabilities 343.2 346.8 338.4
55 Total liabilities 4,883.0 4,883.0 4,839.1
56 Residual (assets
less liabilities)(7) 420.5 422.0 424.7
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 110.5 112.4 111.1
58 Revaluation losses on
off-balance-
sheet items(8) 107.3 107.7 107.0
Footnotes appear p. A21.
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and
Liabilities(1)
B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1998
Jan. July Aug.
Seasonally adjusted
Assets
1 Bank credit 3,580.5 3,708.4 3,753.2
2 Securities in
bank credit 910.8(r) 929.3 944.1
3 U.S. government 679.3 669.6 677.1
securities
4 Other securities 231.4 259.6 266.9
5 Loans and leases
in bank credit(2) 2,669.8 2,779.1 2,809.1(r)
6 Commercial and
industrial 642.6 683.6 692.2(r)
7 Real estate 1,206.6 1,247.9(r) 1,257.6(r)
8 Revolving
home equity 98.0 97.5 97.6
9 Other 1,108.6 1,150.4(r) 1,160.2
10 Consumer 503.5 496.0(r) 494.5(r)
11 Security(3) 61.3 69.9 73.5
12 Other loans
and leases 255.8 281.6 291.2(r)
13 Interbank loans 173.5 192.3 186.1
14 Cash assets(4) 227.8 208.5 217.8
15 Other assets(5) 254.7 278.7 282.4
16 Total assets(6) 4,180.0(r) 4,330.4 4,382.6
Liabilities
17 Deposits 2,844.0 2,893.6 2,915.8
18 Transaction 670.7 651.0 653.1
19 Nontransaction 2,173.4(r) 2,242.6 2,262.7
20 Large time 383.8 385.1 385.1
21 Other 1,789.6 1,857.5 1,877.7
22 Borrowings 678.5 690.1(r) 694.7
23 From banks
in the U.S 267.2 269.5 276.1
24 From others 411.3 420.5 418.6(r)
25 Net due to related
foreign offices 90.8 79.8 93.6
26 Other liabilities 201.2 228.6 235.5
27 Total liabilities 3,814.5 3,892.0 3,939.7(r)
28 Residual (assets
less
liabilities)(7) 365.4 438.4 443.0
Not seasonally adjusted
29 Bank credit 3,590.9(r) 3,699.5 3,737.2
30 Securities in
bank credit 916.6 920.9 931.3
31 U.S. government
securities 678.0 666.1 671.5
32 Other securities 238.6 254.8 259.8
33 Loans and leases
in bank credit(2) 2,674.3 2,778.6 2,805.9
34 Commercial
and industrial 639.4 683.5 687.3(r)
35 Real estate 1,206.7 1,250.3(r) 1,261.3(r)
36 Revolving
home equity 98.2 97.6 97.8
37 Other 1,108.5(r) 1,152.7(r) 1,163.5(r)
38 Consumer 510.2 494.1(r) 496.2(r)
39 Security(3) 61.4 68.3 69.8
40 Other loans
and leases 256.6 282.4 291.3(r)
41 Interbank loans 180.4 185.9 179.1
42 Cash assets(4) 238.7 204.2 205.5
43 Other assets(5) 252.7 280.3 283.5
44 Total assets(6) 4,206.4 4,312.4 4,347.9(r)
Liabilities
45 Deposits 2,852.1 2,887.9 2,906.9
46 Transaction 682.8 646.0 639.7
47 Nontransaction 2,169.3 2,241.9 2,267.2
48 Large time 383.1 384.0 387.4(r)
49 Other 1,786.2 1,857.9 1,879.8
50 Borrowings 684.9 694.4 687.4
51 From banks
in the U.S 270.6 269.7 272.1
52 From others 414.2 424.7 415.3(r)
53 Net due to related
foreign offices 86.5 84.9 96.7
54 Other liabilities 201.2 228.6 235.5
55 Total liabilities 3,824.8 3,895.8(r) 3,926.6(r)
56 Residual (assets
less
liabilities)(7) 381.7(r) 416.7 421.4(r)
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 49.9 51.0 51.9
58 Revaluation losses on
off-balance-
sheet items(8) 52.7 50.4 54.2
59 Mortgage-backed
securities(9) 289.9 293.0(r) 301.2(r)
Monthly averages
Account 1998
Sept. Oct.(r) Nov.(r)
Seasonally adjusted
Assets
1 Bank credit 3,794.3(r) 3,863.6 3,908.0
2 Securities in
bank credit 961.6 995.9 1,002.8
3 U.S. government 685.2 694.4 710.5
securities
4 Other securities 276.5 301.5 292.2
5 Loans and leases
in bank credit(2) 2,832.7 2,867.7 2,905.3
6 Commercial and
industrial 700.5(r) 715.3 723.3
7 Real estate 1,260.1(r) 1,264.5 1,287.3
8 Revolving
home equity 97.9 96.9 97.3
9 Other 1,162.3(r) 1,167.6 1,190.0
10 Consumer 497.4(r) 496.7 498.7
11 Security(3) 75.2 89.3 87.6
12 Other loans
and leases 299.4(r) 302.0 308.4
13 Interbank loans 191.4 194.9 193.3
14 Cash assets(4) 219.3 207.6 216.1
15 Other assets(5) 285.5 283.5 290.5
16 Total assets(6) 4,433.3 4,492.0 4,550.2
Liabilities
17 Deposits 2,929.7 2,949.1 2,995.6
18 Transaction 659.8(r) 650.7 653.4
19 Nontransaction 2,270.0 2,298.3 2,342.2
20 Large time 384.2(r) 397.4 410.3
21 Other 1,885.7 1,900.9 1,932.0
22 Borrowings 709.9(r) 753.9 792.7
23 From banks
in the U.S 278.2 286.6 294.5
24 From others 431.7(r) 467.3 498.2
25 Net due to related
foreign offices 105.6 116.9 116.3
26 Other liabilities 240.2 251.2 237.9
27 Total liabilities 3,985.4 4,071.1 4,142.5
28 Residual (assets
less
liabilities)(7) 447.9 420.9 407.6
Not seasonally adjusted
29 Bank credit 3,786.4 3,867.8 3,924.0
30 Securities in
bank credit 952.8 991.9 1,007.7
31 U.S. government
securities 680.1 691.3 710.8
32 Other securities 272.8 300.6 296.9
33 Loans and leases
in bank credit(2) 2,833.5(r) 2,875.9 2,916.3
34 Commercial
and industrial 696.1(r) 713.4 722.2
35 Real estate 1,265.1(r) 1,271.0 1,293.7
36 Revolving
home equity 98.6 97.8 98.0
37 Other 1,166.5(r) 1,173.2 1,195.7
38 Consumer 500.2(r) 498.5 501.2
39 Security(3) 72.2 89.6 89.1
40 Other loans
and leases 300.0(r) 303.4 310.1
41 Interbank loans 185.8 190.9 199.8
42 Cash assets(4) 217.1 211.1 224.5
43 Other assets(5) 286.7 283.6 291.1
44 Total assets(6) 4,418.4 4,495.8 4,581.5
Liabilities
45 Deposits 2,932.3 2,953.3 3,015.1
46 Transaction 654.4 646.7 664.1
47 Nontransaction 2,277.9(r) 2,306.6 2,351.1
48 Large time 387.7(r) 400.8 415.3
49 Other 1,890.2 1,905.8 1,935.7
50 Borrowings 713.0 749.9 788.5
51 From banks
in the U.S 277.0 282.6 294.8
52 From others 436.0(r) 467.3 493.7
53 Net due to related
foreign offices 106.8 115.5 113.7
54 Other liabilities 240.2 251.2 237.9
55 Total liabilities 3,992.3 4,069.9 4,155.3
56 Residual (assets
less
liabilities)(7) 426.0(r) 425.9 426.1
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 61.7 78.7 62.7
58 Revaluation losses on
off-balance-
sheet items(8) 65.1 80.5 65.1
59 Mortgage-backed
securities(9) 313.7(r) 336.0 346.3
Monthly Wednesday
averages figures
Account 1998 1999 1999
Dec.(r) Jan. Jan. 6
Seasonally adjusted
Assets
1 Bank credit 3,948.0 3,927.6 3,930.1
2 Securities in
bank credit 1,019.1 997.3 999.2
3 U.S. government 712.1 709.7 711.4
securities
4 Other securities 307.0 287.6 287.9
5 Loans and leases
in bank credit(2) 2,928.8 2,930.3 2,930.8
6 Commercial and
industrial 727.1 729.0 729.2
7 Real estate 1,302.3 1,303.7 1,304.0
8 Revolving
home equity 97.2 96.7 96.6
9 Other 1,205.1 1,207.0 1,207.3
10 Consumer 501.7 503.1 500.2
11 Security(3) 85.4 84.0 85.7
12 Other loans
and leases 312.3 310.6 311.8
13 Interbank loans 187.8 188.8 184.2
14 Cash assets(4) 216.0 228.3 223.4
15 Other assets(5) 289.8 295.1 292.5
16 Total assets(6) 4,583.8 4,582.0 4,572.4
Liabilities
17 Deposits 3,011.9 3,023.2 |