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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 Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Eastern Time April Date nonborrowed3 nonborrowed plus extended credit' 24, 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions totaJ2 4:30p.m. required excess NSA5 Monetary base6 total seasonal extEmded 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 44!l365 452669 287 214 155 212 109 68 0 0 0 49517 49008 48311 49472 48966 48155 49472 48966 48155 48293 47977 47151 1223 1031 1160 454141 456285 457616 45 42 156 19 21 37 0 0 0 Two weeks ending 1997-Feb. 26 48778 48728 48728 47781 996 456925 50 23 0 Mar. 12 26 48449 48069 48414 47876 48414 47876 47211 46998 1238 1071 457457 457384 35 194 27 38 0 0 Apr. 48656 46622 48313 46394 48313 46394 47436 46015 1220 607 458646 458295 344 228 61 86 0 0 1997-Jan. Feb. Mar. p 1. 2. 3. 4. 5. 6. p pe 9p 23pe 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 footnote 2 on Table 2 and footnote~: 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 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 l seasonally adJusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money Btock 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• 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) 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 Reserves of depository institutions Date totai2 ~wo 1. 2. 3. 4. 5. 6. 7. 8. p pe non borrowed required Vaultcash 5 Monetary base3 Reserve balances with F.R. Banks 4 total used to satisfy required reserves 6 surplus 7 Net carryover of reserve balances 8 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 42511 43652 37451 36880 37309 5323 5631 6343 Oct. Nov. Dec. 49550 49756 51243 49263 49542 51088 48556 48721 49819 451911 455902 463491 12800 12895 13395 42925 42745 44426 36749 36862 37848 6175 5883 6578 1997-Jan. Feb. Mar. p 50642 48043 47543 50597 48001 47387 49419 47012 46383 462714 459639 462211 11710 11455 11514 47172 43375 42116 38932 36588 36029 8240 6788 6087 weeks ending 1997-Feb. 26 47489 47439 46493 459939 11817 41948 35672 6276 300 Mar. 12 26 47831 46943 47796 46750 46593 45872 461559 461845 11341 11269 42841 41665 36490 35674 6351 5991 264 Apr. 48532 47879 48189 47651 47312 47272 464800 466349 12617 12507 41640 40984 35915 35373 5725 5611 129 184 9p 23pe 140 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 CRR currency and vault ' cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compen$ate for float and includes other off-balance sheet "as-of" adjustments. Dates refer to the maintenance periods in which the vault cash ~n ~e us~d to satisfy reserve requirem~nts. Starting wi~h the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends.16 days after the lagge~ comp~tat1on penod,!n wh1c~ the yau[t cash 1s held. Previously, each ma1ntenanc_e penod ended 30 days after the lagged computation period. All vault cash held dunng the lagged computation penod by "bound 1nst1tut1ons (I.e., those whose required reserves exceed the1r 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) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date totaF ~WQ non borrowed required 3 Monetary base4 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 1997-Jan. Feb. Mar. p 50665 48122 47686 50620 48079 47530 49442 47091 46526 455553 452562 455253 weeks ending 1997-Feb. 26 47578 47528 46581 452942 Mar. 12 26 47952 47092 47917 46898 46714 46020 454529 454902 Apr. 48715 48094 48372 47866 47495 47487 457977 459439 9p 23pe 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. Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Brea~-adjusted total reserves eq!Jal br~a~-!idjusted required reserves (T~ble 3, column ~)plus excess r~s~rv~s NSA (Table .1, column 5).. . . To adJUSt required reserves for d1scont1nu1ties due to regulatory changes 1n reserve requirements, a mult1pltcat1ve procedure IS used to estimate what requ1red reserves would have been 1n past periods had current reserve requirements been in effect. Break-~djusted requ1red reserves are equal t<;> 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 th~ money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cas~ and for all those weekly reporters whose vault cash exceeds their requ1red reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. p preliminary pe preliminary estimate
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