|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
for the years ended |
|
Dec. 31, 1996
|
Dec. 31, 1995
|
| Interest income: |
|
Interest on U.S. government securities |
$ 1,967 |
$ 1,979 |
|
Interest on foreign currencies |
61 |
109 |
|
Interest on loans to depository institutions |
1
|
1
|
|
Total interst income |
2,029 |
2,089 |
Other operating income: |
|
Income from services |
82 |
76 |
|
Reimbursable services to government agencies |
18 |
18 |
|
Foreign currency gains (losses), net |
(228) |
140 |
|
Government securities gains, net |
3 |
0 |
|
Other income |
3
|
5
|
|
Total other operating income (loss) |
(122) |
239 |
Operating expenses: |
|
Salaries and other benefits |
143 |
139 |
|
Occupancy expense |
16 |
15 |
|
Equipment expense |
19 |
17 |
|
Cost of unreimbursed Treasury services |
5 |
6 |
|
Assessments by Board of Governors |
58 |
52 |
|
Other expenses |
67
|
56
|
|
Total operating expenses |
308 |
285 |
Income before cumulative effect of accounting change |
1,599 |
2,043 |
| Cumulative effect of change in accounting principle |
0
|
(6)
|
| Net income prior to distribution |
$ 1,599 |
$ 2,037 |
Distribution of net income: |
|
Dividends paid to member banks |
$ 41 |
$ 32 |
|
Transferred to surplus |
338 |
30 |
|
Payments to U.S. Treasury as interest on Federal Reserve
notes |
852 |
1,975 |
|
Payments to U.S. Treasury as required by statute |
368
|
|
|
$ 1,599 |
$ 2,037 |
