F
I
N
A
N
C
I
A
L
S
T
A
T
E
M
E
N
T
S*
|
|
Statements 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
|
The accompanying notes are an integral
part of these financial statements.
|
