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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4:30p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars April 10, 1997 Borrowings of depository institutions from the Federal Reserve, NSA. Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus extended credit4 required excess NSA~ Monetary base6 total seasonal extended credit' 1996-Mar. 55613 55592 55592 54476 1137 436733 21 10 0 Apr. May June 55155 54168 54038 55064 54040 53652 55064 54040 53652 54035 53308 52888 1120 860 1150 437075 437881 439686 91 127 386 34 105 192 0 0 0 July Aug. Sep. 53221 52181 51280 52854 51847 50912 52854 51847 50912 52156 51221 50242 1065 961 1038 442262 443999 445812 368 334 368 284 309 306 0 0 0 Oct. Nov. Dec. 50076 49811 50063 49789 49597 49908 49789 49597 49908 49082 48776 48639 994 1035 1424 447077 449365 452669 287 214 155 212 109 68 0 0 0 1997-Jan. Feb. Mar. pe 49517 49008 48303 49472 48966 48147 49472 48966 48147 48293 47977 47164 1223 1031 1140 454141 456285 458035 45 42 156 19 21 37 0 0 0 Two weeks ending 1997-Peb. 12 26 49370 48778 49336 48728 49336 48728 48334 47781 1036 996 455344 456925 34 50 18 23 0 0 Mar. 12 26p 48449 48078 48414 47885 48414 47885 47211 46997 1238 1081 457457 457402 35 194 27 38 0 0 Apr. 48585 48241 48241 47517 1068 461196 344 61 0 1. 2. 3. 4. 5. 6. p pe 9pe Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusled excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended cred1t program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowed reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adJUSted monetary base consists of ( 1l seasonally adJusted, break-adjusted total reserves plus (2} the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on tl)e "Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) preliminary preliminary estimate H.3(502) Table2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements 1 · Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks• total used to satisfy required. reserves8 surplus7 Net carryover of reserve balances' 1996-Mar. 54884 54863 53747 440767 18426 40890 36458 4432 Apr. May June 55869 53135 53686 55779 53007 53299 54750 52275 52535 442959 442170 445949 19181 16753 16590 40895 41153 42030 36688 36382 37095 4207 4771 4934 July Aug. Sep. 52843 51642 50997 52475 51308 50630 51778 50681 49959 449292 450765 451717 15392 14761 13688 42774 .2511 43652 37451 36880 37309 5323 5631 6343 oct. 49550 49756 51243 49263 49542 51088 48556 48721 49819 451911 455902 463491 12800 12895 13395 42925 42745 44426 36749 36862 37848 6175 5883 6578 50642 48043 47535 50597 48001 47379 49419 47012 46395 462714 459639 462587 11710 11455 11522 47172 43375 42116 38932 36588 36013 8240 6788 6103 48724 47489 48690 47439 47688 46493 458970 459939 11052 11817 45130 41948 37673 35672 7458 6276 396 300 Mar. 12 26p 47831 46952 47796 46759 46593 45871 461559 461867 11341 11281 42841 41665 36490 35671 6351 5994 264 140 Apr. 48460 48116 47392 467069 12634 41639 35826 5813 130 Nov. Dec. 1997-Jan. Feb. Mar. pe ~~ ~eeks eDgi~ 1997-Feb. 12 26 1. 2. 3. 4. 5. 6. 7. 8. p pe 9pe Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CAR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required cl~aring balanc~s an~ adjl!stments to compensate for float and. includes other o~-balance sh~t "as:of" adjusi!'Tlents. . . Dates refer to the maintenance penods 1n wh1ch the vault cash can be used to satisfv reserve requirements. Starting w1th the maintenance penod ended November 25, 1992, each ma~ntenance period for weekly reporters ends 16 days after the lagged computation period in which the vauft cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged compulation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess(+) or deficit(·) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. preliminary preliminary estimate H.3(502) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required3 Monetary base• 1996-Mar. 54954 54933 53817 434842 Apr. May June 55967 53252 53828 55876 53125 53442 54847 52392 52678 437094 436100 439851 July Aug. Sep. 53005 51826 51205 52637 51492 50837 51940 50865 50166 443178 444533 445490 Oct. Nov. Dec. 49777 50006 51522 49490 49792 51368 48783 48971 50098 445377 449201 456721 50665 48122 47679 50620 48079 47523 49442 47091 46539 455553 452562 455628 48784 47578 48750 47528 47748 46581 451791 452942 Mar. 12 26p 47952 47101 47917 46907 46714 46019 454529 454920 Apr. 48644 48300 47576 460250 1997-Jan. Feb. Mar. pe Two weeks ending 1997-Feb. 12 26 9pe Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 1. 2. 3. 4. p pe Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adJUSted required reserves against transactions deposits. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
@FedFRASER