|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
for the years ended |
|
Dec. 31, 1997
|
Dec. 31, 1996
|
| Interest income: |
|
Interest on U.S. government securities |
$ 2,877 |
$1,967 |
|
Interest on foreign currencies |
70 |
61 |
|
Interest on loans to depository institutions |
1
|
1
|
|
Total interst income |
2,948 |
2,029 |
Other operating income: |
|
Income from services |
85 |
82 |
|
Reimbursable services to government agencies |
19 |
18 |
|
Foreign currency gains (losses), net |
(497) |
(228) |
|
Government securities gains, net |
2 |
3 |
|
Other income |
6
|
6
|
|
Total other operating income (loss) |
(385) |
(119) |
Operating expenses: |
|
Salaries and other benefits |
147 |
143 |
|
Occupancy expense |
16 |
16 |
|
Equipment expense |
19 |
19 |
|
Cost of unreimbursed Treasury services |
5 |
5 |
|
Assessments by Board of Governors |
82 |
58 |
|
Other expenses |
86
|
70
|
|
Total operating expenses |
355 |
308 |
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 |
$ 2,208 |
$ 1,599 |
Distribution of net income: |
|
Dividends paid to member banks |
$ 56 |
$ 41 |
|
Transferred to surplus |
100 |
338 |
|
Payments to U.S. Treasury as interest on Federal Reserve
notes |
0 |
852 |
|
Payments to U.S. Treasury as required by statute |
2,052
|
368
|
|
$ 2,208 |
$ 1,599 |
