| ASSETS | For the years ended: | ||
| December 31, 1996 | December 31, 1995 | ||
| Gold certificates | $624 | $621 | |
| Special drawing rights certificates | 543 | 584 | |
| Coin | 25 | 24 | |
| Items in process of collection | 688 | 265 | |
| U.S. government and federal agency securities, net | 23,173 | 22,014 | |
| Investments denominated in foreign currencies | 1,257 | 1,476 | |
| Accrued interest receivable | 209 | 224 | |
| Interdistrict settlement account | 5,007 | 220 | |
| Bank premises and equipment, net | 131 | 87 | |
| Other assets | 23 | 19 | |
| Total assets | $31,680 | $25,534 | |
| LIABILITIES AND CAPITAL | For the years ended: | |||
| December 31, 1996 | December 31, 1995 | |||
| Liabilities: | ||||
| Federal Reserve notes outstanding, net | $29,861 | $23,524 | ||
| Deposits: | ||||
| Depository institutions | 856 | 1,161 | ||
| Other deposits | 15 | 11 | ||
| Deferred credit items | 280 | 232 | ||
|
Statutory surplus transfer due U.S. Treasury |
37 | 0 | ||
| Interest on Federal Reserve notes due U.S. Treasury | 0 | 39 | ||
| Accrued benefit cost | 43 | 40 | ||
| Other liabilities | 10 | 9 | ||
| Total liabilities | 31,102 | 25,016 | ||
| Capital: | ||||
| Capital paid in | 292 | 259 | ||
| Surplus | 286 | 259 | ||
| Total capital | 578 | 518 | ||
| Total liabilities and capital | $31,680 | $25,534 | ||
(in millions)
| For the years ended: | ||||
| December 31, 1996 | December 31, 1995 | |||
| Interest income: | ||||
| Interest on U.S. government securities | $1,382 | $1,400 | ||
| Interest on foreign currencies | 29 | 55 | ||
| Total interest income | 1,411 | 1,455 | ||
| Other operating income: | ||||
| Income from services | 50 | 47 | ||
| Reimbursable services to government agencies | 23 | 22 | ||
| Foreign currency gains (losses), net | -109 | 70 | ||
| Government securities gains, net | 2 | 0 | ||
| Other income | 1 | 3 | ||
| Total other operating income (loss) | -33 | 142 | ||
| Operating expenses: | ||||
| Salaries and other benefits | 68 | 67 | ||
| Occupancy expense | 8 | 7 | ||
| Equipment expense | 9 | 9 | ||
| Cost of unreimbursed Treasury services | 2 | 2 | ||
| Assessments by Board of Governors | 34 | 33 | ||
| Other expenses | 43 | 43 | ||
| Total operating expenses | 164 | 161 | ||
| Income before cumulative effect of accounting change | 1,214 | 1,436 | ||
| Cumulative effect of change in accounting principle | 0 | -4 | ||
| Net income prior to distribution | $1,214 | $1,432 | ||
| Distribution of net income: | ||||
| Dividends paid to member banks | $16 | $16 | ||
| Transferred to surplus | 34 | 1 | ||
| Payments to U.S. Treasury as interest on Federal Reserve notes | 854 | 1,415 | ||
| Payments to U.S. Treasury as required by statute | 310 | 0 | ||
| Total distributed income | $1,214 | $1,432 | ||
(in millions)
| Capital Paid in | Surplus | Total Capital | ||
| Balance at January 1, 1995 (5,150,561 shares) | $258 | $258 | $516 | |
| Net income transferred to surplus | — | 1 | 1 | |
| Net change in capital stock issued (24,775 shares) | $1 | — | $1 | |
| Balance at December 31, 1995 (5,175,336 shares) | $259 | $259 | $518 | |
| Net income transferred to surplus | — | 33 | 33 | |
| Statutory surplus transfer to the U.S. Treasury | — | -6 | -6 | |
| Net change in capital stock issued (674,545 shares) | $33 | — | $33 | |
| Balance at December 31, 1996 (5,849,881 shares) | $292 | $286 | $578 | |
These statements are prepared by Bank management. Copies of full and final financial statements, complete with footnotes, are available by writing the Corporate Communications & Community Affairs Department of the Federal Reserve Bank of Cleveland, P.O. Box 6387, Cleveland, OH 44101, or by calling (216) 579-2001 (key in 1-5-3).