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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For r~lttdse al 4 30 p m E..tslt:Hn Tum:t Adjusted for changes in reserve requirements' Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars APRIL 18, 1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date tofal2 1995-KAR. APR. MAY JUNB JULY AOO. SBP. OCT. NOV. DIC. 1996-JAN. na. IWt. p Two n•kl endina 19!16-nB. 14 28 liAR. 13 27 APR. lOp 1. 2. 3. 4. 5. 6. nonborrowed plus extended credit" mquired excess NSA' Monetary baso• total soasonal ttX'It~ndud crmht' 58500 57988 57801 57383 58431 57877 57651 57110 58431 57877 57651 57110 57706 57235 56921 56418 794 753 880 964 425165 427551 430112 429308 69 111 150 272 51 82 137 172 0 0 0 0 57680 57499 57344 57309 57217 57066 57309 57:.ill7 57066 56590 56512 56394 1090 988 950 429822 430807 431685 371 l82 278 231 258 252 0 0 0 56839 56333 56364 56593 56129 56106 56593 56129 56106 55758 55390 55086 1081 943 1278 432737 433206 435008 245 204 257 199 73 40 0 0 0 55606 54848 55710 55568 54813 55689 55568 54813 55689 54121 53997 54594 1485 851 1117 435150 433619 436791 38 35 21 7 7 10 0 0 0 54697 54945 54673 54898 54673 54898 53984 53975 713 970 432974 4HU6 24 47 7 8 0 55600 55944 55585 55925 55585 55925 54489 54787 1111 1157 435263 438219 15 lO 12 0 0 55250 55204 55204 54256 994 436756 47 16 0 8 0 Reserves and monetary base figures Incorporate adjustments tor discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3.'1 Seasonally austed, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote~! on Table 3.) Seasonally usted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Extended ct it consists of borrowing at the discount window under the terms and conditions established for the extended credit 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 (1 I seasonally adJUSted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3}, for all quarterly reporters on th8 "Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds their required reserves, thEI seasonally adjus~. p pe nonborrowt~d' break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnote 3 un Table 2 and footnote 4 on table 3.) preliminary preliminary estimate H.3(502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash~ Reserves of depository institutions Date tot81 2 4. 5. 6. 7. 8. p pe total surplus' Net carryover of reserve balances' 57583 58874 56757 57044 57514 58763 56607 56771 56789 58120 55877 56079 427556 432789 433468 434568 22649 24217 21476 21056 38536 38118 39036 39821 34934 34657 35281 35986 3602 3461 3755 3635 JtJLY AtJQ. SBP. 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435589 436203 20840 20565 20519 40530 40186 40652 36550 36255 36640 3960 3932 4012 OCT. NOV. DBC. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 4.44452 20055 20066 20440 40564 40576 42117 36345 36332 37460 4219 4244 4657 56934 53749 54867 56896 53715 54846 55449 52898 53750 4.41936 436213 440683 17763 16792 18408 44790 42205 40968 39170 36957 36459 5620 5248 4509 1U6-FBB. 14 28 54001 53406 53977 53359 53288 52436 436507 435681 15546 17938 44132 40326 38455 35468 5677 4858 465 125 MAR. 13 27 55037 54503 55022 54484 53926 53346 439526 4.41175 18192 18493 41536 40438 36845 36011 4691 4428 22 127 APR. lOp 55589 55542 54594 442714 18816 409'17 36773 4204 334 ~2 :w:. .&l 3. required used to satisfy required reserves• 1995-MAR. APR. HAY JONB 1996-JAN. FBB. MAR. p 1. 2. non borrowed Monetary base3 Reserve balances with F.R. Banks 4 •;D!UII!I Rellects 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 Bariks 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 Depos1ts 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. Excludils required clearing balances and adjustments to compensate for float and includes other off-balance sheet ·as-of" adjustments. .... ., . . Dates refer to the maintenance periods In which the vault. cash~ be us~ to satisfY reserye requirem~nts. Starting wi~ the main~.aflce f!3riod E¥:Jde~ Novem~r 25, 1992, each maintenance period for w~ r~ ends 16 days attar the lagged computation penod In which the vault cash IS held. Previously, each maintenance period enCied 30ttays after tlle'lag!:led computation penod. All vault c8sh held during the lagged compulation period by "bound" institutions (I.e., those whose required reserves exceed their vault casht plus the amount otvaull cash applied during the maintenance period by "nonbound" institutions (I.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. ..wWL • .. ....,_ Total vault cash held by depository insll1utions minus the amount applied to satisfy reserve requirements. Consists of carryCNer only at depository Institutions maintaining reserves on the basis of two-week maintenance periods. Reflects exces~VPr ~f~it nr.IIS'erves 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 tor changes in reserve requirements' Averages of dally figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total2 U95-IIAR. APR. HAY JUNB JULY AUQ. SBP. OC'l'. NOV. DBC. 1996-JAN. PBB. liAR. p Tyo weelt1 end.ina U96-PBB. U l8 liAR. 13 27 APJl. lOp nonborrowed required3 Monetary base• 57627 58935 56831 57136 57558 58824 56681 56863 56832 58182 55951 56172 423273 428744 429294 430271 57498 56944 57304 57127 56662 57026 56409 55956 56354 431306 431092 431635 56558 56572 58021 56313 56368 57763 55477 55629 56743 431595 433220 439027 56950 53804 54957 56912 53769 54936 55465 52953 53840 435990 430239 434776 54048 53467 54024 53420 53334 52497 430205 430040 55116 54597 55101 54577 54005 53440 433494 435360 55701 55654 54706 43690l 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. . Br8ak·adlusted total reserves equal br~·!!djusted required reserves (T<!ble 3, column~) plus excess r~s~rv~ NSA (Table .1. column 5).. To adjusf required reserves for discontinUities due to regulatory changes 1n reserve requirements, a multiplicatiVe procedure IS used to estimate what requ1red reserves would have been in past periods had cummt t9SSfVB roquiromBnts been in elfoct. Break-adjusted requtred reserves are equal to break-adJusted required reserves against transactions deposits. The break-adlusted 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 Accoun~. Other _DepositS and Vault Cas~ and for all those we9kly 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 prelfmlnarY estimate
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