The New Paradigm - Federal Reserve Bank of Dallas

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36 Statements of Condition (in millions) ASSETS December 31, 1999 December 31, 1998 Gold certificates $ 575 $ 530 Special drawing rights certificates 341 367 Coin 16 40 Items in process of collection 296 392 Loans to depository institutions 10 — U.S. government and federal agency securities, net 24,112 20,764 Investments denominated in foreign currencies 616 1,029 Accrued interest receivable 243 196 Interdistrict settlement account — 1,680 Bank premises and equipment, net 178 182 Other assets 15 _________ 18 _________ Total assets $ 26,402 _________ $ 25,198 _________ LIABILITIES AND CAPITAL Liabilities Federal Reserve notes outstanding, net $ 15,269 $ 23,072 Deposits: Depository institutions 1,246 1,166 Other deposits 6 9 Deferred credit items 269 334 Surplus transfer due U.S. Treasury 44 103 Interdistrict settlement account 9,087 — Accrued benefit cost 51 49 Other liabilities 8 _________ 11 _________ Total liabilities $ 25,980 _________ $ 24,744 _________ Capital Capital paid-in 211 227 Surplus 211 _________ 227 _________ Total capital $ 422 _________ $ 454 _________ Total liabilities and capital $ 26,402 _________ $ 25,198 _________ The accompanying notes are an integral part of these financial statements. 1999 ANNUAL REPORT Federal Reserve Bank of Dallas
37 Statements of Income (in millions) INTEREST INCOME FOR THE YEARS ENDED December 31, 1999 December 31, 1998 Interest on U.S. government and federal agency securities $ 1,332 $ 1,136 Interest on foreign currencies _________ 9 _________ 23 Total interest income $ 1,341 _________ $ 1,159 _________ OTHER OPERATING INCOME Income from services $ 56 $ 56 Reimbursable services to government agencies 11 11 Foreign currency gains (losses), net (19) 97 U.S. government securities gains (losses), net (1) 2 Other income 1 _________ 1 _________ Total other operating income $ 48 _________ $ 167 _________ OPERATING EXPENSES Salaries and other benefits $ 85 $ 81 Occupancy expense 12 11 Equipment expense 11 10 Assessments by Board of Governors 31 27 Other expenses 50 _________ 54 _________ Total operating expenses $ 189 _________ $ 183 _________ Net income prior to distribution $ 1,200 $ 1,143 _________ _________ DISTRIBUTION OF NET INCOME Dividends paid to member banks $ 13 $ 14 Transferred (from) surplus (16) (43) Payments to U.S. Treasury as interest on Federal Reserve notes 1,203 441 Payments to U.S. Treasury as required by statute — _________ 731 ______ Total distribution $ 1,200 _________ $ 1,143 _________ The accompanying notes are an integral part of these financial statements. Federal Reserve Bank of Dallas 1999 ANNUAL REPORT
Page 1 and 2: The New Paradigm Federal Reserve Ba
Page 3 and 4: O ut on a New-Paradigm Limb "Paradi
Page 5 and 6: 3 The New Paradigm The United State
Page 7 and 8: 5 Exhibit 2 Technology Spillovers:
Page 9 and 10: 7 a. Microgyro chip: navigation, b.
Page 11 and 12: 9 Exhibit 4 16 Stats on the New Eco
Page 13 and 14: 11 Exhibit 6 The Shifting Values of
Page 15 and 16: 13 Modern autos use upward of 120 m
Page 17 and 18: 15 Exhibit 9 First in Line and Last
Page 19 and 20: 17 Exhibit 11 Better Shop Around Th
Page 21 and 22: 19 Exhibit 13 Bigger Is Better Neve
Page 23 and 24: 21 Many of the new technologies hav
Page 25 and 26: 23 versatile, far-reaching asset—
Page 27 and 28: 25 and 1980, Compustat. 1990 and 19
Page 29 and 30: 27 Financial Services In 1999 the D
Page 31 and 32: 29 Senior Management From left: Joe
Page 33 and 34: 31 Houston Richard Weekley Chairman
Page 35 and 36: 33 February 10, 2000 To the Board o
Page 37: 35 REPORT OF INDEPENDENT ACCOUNTANT
Page 41 and 42: Notes to Financial Statements 1. OR
Page 43 and 44: 41 b. Special Drawing Rights Certif
Page 45 and 46: 43 U.S. government and federal agen
Page 47 and 48: 45 j. Income and Cost Related to Tr
Page 49 and 50: 47 The maturities of investments de
Page 51 and 52: 49 9. POSTRETIREMENT BENEFITS OTHER
Page 53 and 54: 51 Volume of Operations (UNAUDITED)

The New Paradigm - Federal Reserve Bank of Dallas

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