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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For releue at 4:30p.m. Eutem Time Adjusted for changes In reserve requirements' Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars April 17, 1997 Borrowings of depository Institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowed' nonborrowed plus eXIBnded credit' required excess NSA5 Monetary base' total seasonal eXIBnded credit' 1996-Mar. 55613 55592 55592 54476 1137 06733 21 10 0 Apr. May .nm• 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 .ruly 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 Oat. 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 49517 49008 48317 49472 48966 48161 49472 48966 48161 48293 47977 47149 1223 1031 1169 45&1&1 456285 457624 45 42 156 19 21 37 0 0 0 Two yuki ep4J.na 1997-l'eb. 12 26 49370 48778 49336 48728 49336 48728 48334 47781 1036 996 4553" 456925 34 50 18 23 0 0 Mar. 12 26 48449 48080 48414 47887 48414 47887 47211 46998 1238 1082 457457 457398 35 194 27 38 0 0 48665 48321 48321 47422 1243 458658 3" 61 0 Nov. Deo. 1997-JaD. l'eb. Mar. p Apr. 1. 2. 3. 4. 5. 6. p pe 9p 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 unadjusted excess reserves. (Also, see footnotB 2 on Table 2and footnol8 2 on Table 3.) Seasonally adJUSted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of ~osltory 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 depositi?IY 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 simlfar 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 adlusted 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 vaulf cash exceeds their required reserves, the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisly 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 Reserves of depository institutions Date total2 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 42511 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 47549 50597 48001 47393 49419 47012 46381 462714 459639 462218 11710 11455 11521 47172 43375 42116 38932 36588 36028 8240 6788 6088 1997-Peb. 12 26 48724 47489 48690 47439 47688 46493 458970 459939 11052 11817 45130 41948 37673 35672 7458 6276 396 300 Mar. 12 26 47831 46954 47796 46761 46593 45872 461559 461859 11341 11281 42841 41665 36490 35673 6351 5992 264 140 48541 48197 47298 464809 12627 41639 35914 5725 130 DHI Gs11zm Apr. 3. 4. 5. 6. 7. 8. p pe surplus7 Net carryover of reserve balances• 54863 1997-Jan. Peb. Mar. p 1. total used to satisfy required reserves• 54884 Dec. 2. required Monetary base' 1996-Mar. Nov. ~l!Q nonborrowed Vault cash' Reserve balances with F.R. Banks• 9p 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 rerorters 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 vaul 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 clearing balances and adjustments to compensate for float and includes other off-balance sheet •as-or adjustments. Dates refer to the maintenance periods In which the vault cash can be used to satisfv reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which the vauft cash is held. Previously, eacli maintenance period ended 30 days after the lagged computation period. All vault cash held during th9 lagged compu1ation 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 r9<1uired 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 total2 requlrecP Monetary base' 1996-Mar. 5495, 54933 53817 U&8U Apr. 55967 53252 53828 55876 53125 53U2 5'U7 52392 52678 U70U U6100 ,39851 53005 51826 51205 52637 5U92 50837 51UO 50865 50166 U3178 UC533 U5UO 49777 50006 51522 49490 49792 51368 &8783 &8971 50098 U5377 U9201 '56721 50665 &8122 "693 50620 &8079 ,7536 49U2 "091 U52' C55553 '52562 ,55261 1997-Peb. 12 26 &878, "578 &8750 "528 "7&8 (6581 ,51791 C52U2 Mar. 12 26 "952 "103 "917 U909 U7U U020 UC529 ,54916 Apr. &8723 &8380 '"80 '57986 May June July Aug. Sep. oct. Nov. Dec. 1997-Jan. Feb. Mar. p Two nonborrowed net• !Uldina 9p 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 adjusf required reserves for discontinuitieS due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what r9e1uired 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)kfor 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 brea -adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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