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`FEDERAL RESERVE
These data are scheduled for release each Thursday.  The exact time of each release will be announced, when
the information is available, on (202) 452-3206.
 
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of F.R. Banks
                                                                                                March 20,  1997
Millions of dollars
                                                              Averages of daily figures
      Reserve balances of depository institutions at      Week ended       Change from week ended      Wednesday
 F.R. Banks, Reserve Bank credit, and related items      Mar 19, 1997   Mar 12, 1997    Mar 20, 1996  Mar 19, 1997
 
Reserve Bank Credit  (1,2)                                     438,287   +         965   +    22,975   442,045
  U.S. government securities
    Bought outright-system account (3)                         397,082   +       1,756   +    19,390   397,206
    Held under repurchase agreements                             7,243   -       1,101   +     4,519     9,889
  Federal agency obligations
    Bought outright                                              2,011               0   -       528     2,011
    Held under repurchase agreements                               966   -         328   +       563     1,205
  Acceptances                                                        0               0             0         0
  Loans to depository institutions
    Adjustment credit                                              299   +         297   +       293     1,154
    Seasonal credit                                                 35   +           9   +        24        40
    Extended credit                                                  0               0             0         0
   Float                                                           529   +          79   -       219       231
   Other F.R. assets                                            30,122   +         254   -     1,068    30,309
Gold stock                                                      11,051               0   -         2    11,050
Special drawing rights certificate account                       9,200               0   -       968     9,200
Treasury currency outstanding                                   25,135   +          14   +       899    25,135
        Total factors supplying reserve funds                  483,672   +         979   +    22,903   487,430
 
Currency in circulation*                                       443,573   +          66   +    27,216   444,179
Treasury cash holdings*                                            302   +          20   -        11       307
Deposits,other than reserve balances,with F.R.Banks
  Treasury                                                       7,479   +       2,310   +       243     9,035
  Foreign                                                          166   -           9   -         5       163
  Service-related balances and adjustments (4)                   7,033   -          72   +     1,289     7,033
  Other                                                            419   +          11   +        34       412
Other F.R. liabilities and capital                              14,633   +         236   +     1,705    14,498
        Total factors, other than reserve balances,
        absorbing reserve funds                                473,606   +       2,562   +    30,471   475,628
 
Reserve balances with F.R. Banks  (5)                           10,067   -       1,583   -     7,568    11,803
 
On   March 19, 1997,  the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign
official and international accounts was $ 649,667 million, a change of + $ 5,010 million for the week.  The total includes the face
value of U.S. Treasury strips and other zero coupon bonds.
1  Net of $ 13,846 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which
    a net of $ 13,846 million was with foreign official and international accounts.  Includes securities loaned--fully secured by U.S. 
   government securities.
2 Net of $ 13,722 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of
   $ 13,722 million was with foreign official and international accounts.  Includes $ 40 million securities loaned--fully
   secured U.S. government securities.
3 Includes $ 350 million of inflation-indexed securities valued at the original face amount and $ 1 million of compensation that adjusts for the effects of
   inflation on the principal of such securities.
4 Consists of required clearing balances of $ 6,760 million and adjustments of $ 273 million to compensate for float.
5 Excludes required clearing balances and adjustments to compensate for float.
 
* Estimated (Treasury's figures).
Components may not add to totals due to rounding.
 
 
 
 
Worksheet for H.4.1 (a)
 
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
Millions of Dollars
 
                                                                         Change Since
                                                 *         Wednesday      Wednesday        Wednesday
                                                         Mar 19, 1997   Mar 12, 1997     Mar 20, 1996
                                 ASSETS
Gold certificate account                                     11,050                 0      -         2
Special drawing rights certificate account                    9,200                 0      -       968
Coin                                                            690       -        11      +       131
 
Loans                                                         1,193       +     1,158      +     1,173
Acceptances                                                       0                 0                0
Federal agency obligations
  Bought outright                                             2,011                 0      -       528
  Held under repurchase agreements (1)                        1,205       -       974      +     1,205
U.S. government securities
  Bought outright--Bills                                    191,280       -       292      +     6,751
                   Notes (2)                                154,526       +     1,423      +     5,641
                   Bonds                                     51,399                 0      +     6,431
    Total bought outright (3)                               397,206       +     1,131      +    18,823
  Held under repurchase agreements (1)                        9,889       -     2,920      +     9,889
     Total U.S. government securities                       407,095       -     1,789      +    28,712
       Total loans and securities                           411,505       -     1,605      +    30,562
 
Items in process of collection              (338)             6,379       -       196      -     1,317
Bank premises                                                 1,249       +         1      +        99
Other assets (4)                                             29,148       -       118      -       731
              TOTAL ASSETS                  (338)           469,221       -     1,930      +    27,774
 
                             LIABILITIES
Federal Reserve notes                                       420,040       -       337      +    26,740
Deposits
  Depository institutions                                    19,245       -     5,064      -     5,722
  U.S. Treasury--general account                              9,035       +     3,750      +     4,592
  Foreign--official accounts                                    163       -        58      -         5
    Other                                   (-2)                412       +         3      +        37
      Total deposits                        (-2)             28,856       -     1,369      -     1,099
Deferred availability cash items            (340)             5,826       -       206      +       299
Other liabilities and accrued dividends (5)                   4,696       -        96      +       544
             TOTAL LIABILITIES              (338)           459,418       -     2,009      +    26,484
                                                                                           
                               CAPITAL ACCOUNTS                                            
Capital paid in                                               4,757       +         2      +       722
Surplus                                                       4,514       +        38      +       548
Other capital accounts                                          531       +        39      +        21
                                                                          
 
*Figures in parentheses are the eliminations made in the consolidation process.
1 Does not include U.S. government and federal agency securities resold under matched sale-purchase transactions to foreign official
   and international accounts of which $ 0 million was outstanding at the end of the latest statement week.
2 Includes $ 350 million of inflation-indexed securities valued at the original face amount and  $ 1 million of compensation that adjusts for the effects of inflation 
  on the principal of such securities.
3 Net of $ 13,722 million matched sale-purchase transactions outstanding at the end of the latest statement week.  Includes
   $ 40 million securities loaned--fully secured by U.S. government securities.
4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.  Includes special investment account
   at Chicago of $ 160 million in Treasury bills maturing within 90 days.
5 Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments.
Components may not add to totals due to rounding.
 
 
 
MATURITY DISTRIBUTION OF LOANS AND SECURITIES, MARCH 19, 1997
Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum 
maturity of the agreements.
Millions of dollars
                                                                U.S. government           Federal agency
               Loans  Acceptances                                 securities (1)           obligations
                                                                     Weekly                     Weekly
                                                          Holdings   changes          Holdings  changes
Within 15 day    1192        0  Within 15 days              22,495  +          2,462     1494  -            702
16 days to 90       1        0  16 days to 90 days          90,603  -          5,391      510  -            272
Over 90 days        0        0  91 days to 1 year          121,282  -            283      281                 0
                                Over 1 year to 5 years      93,991  +          1,423      460                 0
                                Over 5 years to 10 years    36,607                 0      447                 0
                                Over 10 years               42,117                 0       25                 0
    Total        1193        0       Total                 407,095  -          1,789     3216  -            974
 
1 Includes $ 350 million of inflation-indexed securities valued at the original face amount and $ 1 million of compensation that adjusts for the effects of
   inflation on the principal of such securities.
Components may not add to totals due to rounding.
 
 
 
 
H.4.1 (b)
 
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 19, 1997
Millions of dollars
                                                                                                                                                                   Kansas                   San
                                           Total      Boston      New York  Philadelphia Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis     City       Dallas    Francisco
         ASSETS
Gold certificate account                     11,050         661       4,051         423         624         919         769       1,140         474         168         321         433       1,067  
Special drawing rights certif. acct.          9,200         530       3,202         282         574         792         602         900         340         123         247         367       1,241
Coin                                            690          21          33          63          35         115          84          82          30          26          55          56          89
 
Loans                                         1,193           8           0           0           0           0           0           9           7           8          11           0       1,150
Acceptances                                       0           0           0           0           0           0           0           0           0           0           0           0           0
Federal agency obligations
  Bought outright                             2,011         118         748          78         118         167         134         218          94          30          63          72         170
  Held under repurchase agreements(1)         1,205           0       1,205           0           0           0           0           0           0           0           0           0           0
U.S. government securities
  Bought outright--Bills                    191,280      11,255      71,136       7,403      11,243      15,862      12,765      20,730       8,961       2,885       5,991       6,849      16,201
                   Notes (2)                154,526       9,092      57,468       5,981       9,082      12,814      10,312      16,746       7,239       2,331       4,840       5,533      13,088
                   Bonds                     51,399       3,024      19,115       1,989       3,021       4,262       3,430       5,570       2,408         775       1,610       1,841       4,353
     Total bought outright(3)               397,206      23,371     147,719      15,373      23,346      32,938      26,508      43,046      18,608       5,991      12,442      14,223      33,642
  Held under repurchase agreements(1)         9,889           0       9,889           0           0           0           0           0           0           0           0           0           0
     Total U.S. govt. securities            407,095      23,371     157,608      15,373      23,346      32,938      26,508      43,046      18,608       5,991      12,442      14,223      33,642
       Total loans and securities           411,505      23,497     159,561      15,451      23,464      33,105      26,642      43,274      18,709       6,029      12,516      14,295      34,963
 
Items in process of collection                6,717         371         922         217         278         628         777         624         306         441         319         387       1,446
Bank premises                                 1,249          95         153          50         113         127          81         109          31         121          56         154         160
Other assets(4)                              29,148       1,224       8,942       1,444       1,700       2,183       2,318       3,262         879         574         993       1,359       4,270
Interdistrict settlement account                  0        -916      -14970       -3183        3212        1992       -3467       -1392       -3952       -1190       -1476        5193       20148
          TOTAL ASSETS                      469,559      25,484     161,896      14,747      30,000      39,862      27,805      47,998      16,816       6,292      13,030      22,245      63,383
 
1 Does not include U.S. government and federal agency securities resold under matched sale-purchase transactions to foreign official and
   international accounts, of which $ 0 was outstanding at the end of the latest statement week.
2 Includes $ 350 million of inflation-indexed securities valued at the original face amount and $ 1 million of compensation that adjusts for the effects of inflation
  on the principal of such securities.
3 Net of $ 13,722 million matched sale-purchase transactions outstanding at the end of the latest statement week.  Includes $ 40 million
   securities loaned--fully secured by U.S. government securities.
4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.  Includes special investment account at Chicago of 
   $ 160 million in Treasury bills maturing within 90 days.
 
Components may not add to totals due to rounding.
 
 
 
 
H.4.1 (c)
 
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 19, 1997
Millions of dollars
                                                                                                                                                                   Kansas                   San
                                           Total      Boston      New York  Philadelphia Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis     City       Dallas    Francisco
       LIABILITIES
Federal Reserve notes                       420,040      23,696     143,242      12,827      28,109      37,152      24,231      41,849      15,654       5,156      11,545      19,665      56,914
Deposits
  Depository institutions                    19,245         777       4,587         914         794       1,029       1,460       3,872         483         348         566       1,563       2,853
  U.S. Treasury--general account              9,035           0       9,035           0           0           0           0           0           0           0           0           0           0
  Foreign--official accounts                    163           5          52           9           9          10          13          17           4           3           5           8          28
  Other                                         410           1         116           0           3         112           8         163          -2           1           2           1           5
    Total deposits                           28,854         784      13,791         923         806       1,151       1,481       4,051         485         352         573       1,571       2,885
Deferred credit items                         6,166         355         871         214         235         489         815         479         211         457         371         299       1,373
Other liabilities and accrued
  dividends (1)                               4,696         271       1,677         200         266         375         332         489         218         103         174         182         407
    TOTAL LIABILITIES                       459,757      25,105     159,581      14,164      29,416      39,167      26,859      46,868      16,568       6,068      12,663      21,717      61,579
 
       CAPITAL ACCOUNTS
Capital paid in                               4,757         179       1,078         286         283         337         464         547         115         111         179         260         920
Surplus                                       4,514         168       1,023         268         286         310         415         524         112         104         171         250         884
Other capital accounts                          531          31         213          30          16          48          67          59          22          10          17          17           0
     TOTAL LIABILITIES AND CAPITAL
        ACCOUNTS                            469,559      25,484     161,896      14,747      30,000      39,862      27,805      47,998      16,816       6,292      13,030      22,245      63,383
 
 
FEDERAL RESERVE AGENTS' ACCOUNTS
 
F.R. notes outstanding                      525,325      29,793     185,926      15,838      31,456      43,362      32,431      49,728      18,503       6,701      13,501      25,060      73,026
  Less--Held by F.R. Banks                  105,285       6,097      42,683       3,011       3,347       6,209       8,200       7,879       2,849       1,546       1,956       5,395      16,113
  F.R. notes, net                           420,040      23,696     143,242      12,827      28,109      37,152      24,231      41,849      15,654       5,156      11,545      19,665      56,914
Collateral held against F.R. notes
   Gold certificate account                  11,050
   Special drawing rights
     certificate account                      9,200
   Other eligible assets                          0
   U.S. govt. and agency securities         399,790
     Total collateral                       420,040
 
1 Includes exchange translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments.
 
Components may not add to totals due to rounding.`

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