|
statements of condition
(in millions)
| |
|
|
|
As of December 31,
|
| |
|
|
|
1999
|
1998
|
|
Assets
|
|
|
| |
Gold certificates
|
$ 1,279
|
$ 1,465
|
| |
Special drawing rights certificates
|
692
|
1,241
|
| |
Coin
|
30
|
52
|
| |
Items in process of collection
|
1,581
|
1,122
|
| |
Loans to depository institutions
|
12
|
1
|
| |
U.S. government and federal agency securities, net
|
52,028
|
57,488
|
| |
Investments denominated in foreign currencies
|
2,635
|
3,574
|
| |
Accrued interest receivable
|
524
|
543
|
|
Interdistrict settlement account |
13,071 |
- |
| |
Bank premises and equipment, net
|
221
|
219
|
| |
Other assets
|
36
|
28
|
| |
|
|
Total assets
|
$ 72,109
|
$ 65,733
|
|
Liabilities and Capital
|
|
|
|
Liabilities
|
|
|
| |
Federal Reserve notes outstanding, net
|
$ 66,641
|
$ 50,984
|
| |
Deposits
|
|
|
| |
|
Depository institutions
|
2,263
|
3,699
|
| |
|
Other deposits
|
8
|
29
|
| |
Deferred credit items
|
1,419
|
1,102
|
| |
Surplus transfer due U.S. Treasury
|
371
|
219
|
| |
Interdistrict settlement account
|
-
|
7,673
|
| |
Accrued benefit cost
|
70
|
69
|
| |
Other liabilities
|
17
|
14
|
| |
|
|
Total liabilities
|
70,789
|
63,789
|
|
Capital
|
|
|
|
| |
Capital paid-in
|
660
|
972
|
| |
Surplus
|
660
|
972
|
| |
|
|
Total capital
|
1,320
|
1,944
|
| |
|
|
Total liabilities and capital
|
$ 72,109
|
$ 65,733
|
statements of income
(in millions)
| |
|
|
|
For the years ended
December 31,
|
| |
|
|
|
1999
|
1998
|
|
Interest income:
|
|
|
| |
Interest on U.S. government and federal agency securities
|
$ 3,080
|
$ 3,337
|
| |
Interest on foreign currencies
|
37
|
79
|
| |
Interest on loans to depository institutions
|
1
|
1
|
| |
|
Total interest income
|
3,118
|
3,417
|
|
Other operating income:
|
|
|
| |
Income from services
|
86
|
84
|
| |
Reimbursable services to government agencies
|
30
|
29
|
| |
Foreign currency (losses) gains, net
|
(82)
|
338
|
| |
U.S. government securities (losses) gains, net
|
(2)
|
5
|
| |
Other income
|
8
|
7
|
| |
|
Total other operating income
|
40
|
463
|
|
Operating expenses:
|
|
|
| |
Salaries and other benefits
|
165
|
155
|
| |
Occupancy expense
|
16
|
15
|
| |
Equipment expense
|
22
|
21
|
| |
Cost of unreimbursed Treasury services
|
-
|
1
|
| |
Assessments by Board of Governors
|
85
|
80
|
| |
Other expenses
|
83
|
75
|
| |
|
Total operating expenses
|
371
|
347
|
| |
|
|
|
|
|
|
Net income prior to distribution
|
$ 2,787
|
$ 3,533
|
|
Distribution of net income:
|
|
|
| |
Dividends paid to member banks
|
$ 51
|
$ 59
|
| |
Transferred to (from) surplus
|
(312)
|
27
|
| |
Payments to U.S. Treasury as interest on Federal Reserve
notes
|
3,048
|
1,188
|
| |
Payments to U.S. Treasury as required by statute
|
-
|
2,259
|
| |
|
Total distribution
|
$ 2,787
|
$ 3,533
|
statements of changes
in capital
for the years ended december 31, 1999 and december
31, 1998
(in millions)
| |
|
|
Capital
Paid-in
|
Surplus
|
Total
Capital
|
| |
|
|
|
|
|
|
Balance at January 1, 1998 (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
|
| |
Net income transferred to surplus
|
-
|
(312)
|
(312)
|
| |
Net change in capital stock redeemed
(6 million shares)
|
$ (312)
|
-
|
(312)
|
|
Balance at December 31, 1999 (13 million shares)
|
$ 660
|
$ 660
|
$ 1,320
|
The accompanying notes are an integral
part of these financial statements.
|
