F
I
N
A
N
C
I
A
L
S
T
A
T
E
M
E
N
T
S*
|
|
Statement of Condition (in millions)
| |
|
|
|
As of December 31,
|
| |
|
|
|
1998
|
1997
|
|
Assets
|
|
|
| |
Gold certificates
|
$ 1,465
|
$ 1,420
|
| |
Special drawing rights certificates
|
1,241
|
1,241
|
| |
Coin
|
52
|
69
|
| |
Items in process of collection
|
1,122
|
2,210
|
| |
Loans to depository institutions
|
1
|
335
|
| |
U.S. government and federal agency securities, net
|
57,488
|
54,604
|
| |
Investments denominated in foreign currencies
|
3,574
|
3,270
|
| |
Accrued interest receivable
|
543
|
517
|
| |
Bank premises and equipment, net
|
219
|
218
|
| |
Other assets
|
28
|
56
|
| |
|
|
Total assets
|
$ 65,733
|
$ 63,940
|
|
Liabilities and Capital
|
|
|
|
Liabilities
|
|
|
| |
Federal Reserve notes outstanding, net
|
$ 50,984
|
$ 54,617
|
| |
Deposits
|
|
|
| |
|
Depository institutions
|
3,699
|
3,676
|
| |
|
Other deposits
|
29
|
32
|
| |
Deferred credit items
|
1,102
|
1,893
|
| |
Surplus transfer due U.S. Treasury
|
219
|
55
|
| |
Interdistrict settlement account
|
7,673
|
1,658
|
| |
Accrued benefit cost
|
69
|
70
|
| |
Other liabilities
|
14
|
14
|
| |
|
|
Total liabilities
|
63,789
|
62,015
|
|
Capital
|
|
|
|
| |
Capital paid-in
|
972
|
980
|
| |
Surplus
|
972
|
945
|
| |
|
|
Total capital
|
1,944
|
1,925
|
| |
|
|
Total liabilities and capital
|
$ 65,733
|
$ 63,940
|
Statement of Income (in millions)
| |
|
|
|
For the years ended
December 31,
|
| |
|
|
|
1998
|
1997
|
|
Interest income
|
|
|
| |
Interest on U.S. government securities
|
$ 3,337
|
$ 2,877
|
| |
Interest on foreign currencies
|
79
|
70
|
| |
Interest on loans to depository institutions
|
1
|
1
|
| |
|
Total interest income
|
3,417
|
2,948
|
|
Other operating income (loss)
|
|
|
| |
Income from services
|
84
|
85
|
| |
Reimbursable services to government agencies
|
29
|
19
|
| |
Foreign currency gains/(losses), net
|
338
|
(497)
|
| |
Government securities gains, net
|
5
|
2
|
| |
Other income
|
7
|
6
|
| |
|
Total other operating income (loss)
|
463
|
(385)
|
|
Operating expenses
|
|
|
| |
Salaries and other benefits
|
155
|
147
|
| |
Occupancy expense
|
15
|
16
|
| |
Equipment expense
|
21
|
19
|
| |
Cost of unreimbursed Treasury services
|
1
|
5
|
| |
Assessments by Board of Governors
|
80
|
82
|
| |
Other expenses
|
75
|
86
|
| |
|
Total operating expenses
|
347
|
355
|
| |
|
|
|
|
|
|
Net income prior to distribution
|
$ 3,533
|
$ 2,208
|
|
Distribution of net income
|
|
|
| |
Dividends paid to member banks
|
$ 59
|
$ 56
|
| |
Transferred to surplus
|
27
|
100
|
| |
Payments to U.S. Treasury as interest on Federal Reserve
notes
|
1,188
|
-
|
| |
Payments to U.S. Treasury as required by statute
|
2,259
|
2,052
|
| |
|
Total distribution
|
$ 3,533
|
$ 2,208
|
Statement of Changes in Capital
For the Years Ended December 31, 1998 and December 31, 1997
(in millions)
| |
|
|
Capital
Paid-in
|
Surplus
|
Total
Capital
|
| |
|
|
|
|
|
|
Balance at January 1, 1997 (18 million shares)
|
$ 880
|
$ 865
|
$ 1,745
|
| |
Net income transferred to surplus
|
-
|
100
|
100
|
| |
Statutory surplus transfers to the U.S. Treasury
|
-
|
(20)
|
(20)
|
| |
Net change in capital stock issued (2 million shares)
|
100
|
-
|
100
|
| |
|
|
|
|
|
Balance at December 31, 1997 (20 million shares)
|
980
|
945
|
1,925
|
| |
Net income transferred to surplus
|
-
|
27
|
27
|
| |
Net change in capital stock redeemed
|
-
|
-
|
-
|
| |
|
(.162 million shares)
|
(8)
|
-
|
(8)
|
|
Balance at December 31, 1998 (19 million shares)
|
$ 972
|
$ 972
|
$ 1,944
|
The accompanying notes are an integral
part of these financial statements.
|
