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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 4, 1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowed3 nonborrowed plus extended credit' required excess NSA5 Monetary base8 total seasonal extended credit' MAR. 58857 58500 58798 58431 58798 58431 57911 57706 946 794 422'21 425165 59 69 33 51 0 0 APR. MAY JUNE 57988 57801 57383 57877 57651 57110 57877 57651 57110 57235 56921 56418 753 880 964 427551 430112 429308 111 150 272 82 137 172 0 0 0 JULY AUG. SBP. 57680 57499 57344 57309 57217 57066 57309 57217 57066 56590 56512 56394 1090 988 950 429822 430807 431685 371 282 278 231 258 252 0 0 0 OCT. NOV. DBC. 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 1996-JAN. PBB. 55606 54848 55568 54813 55568 54813 54121 53997 1485 850 435151 433619 38 35 7 7 0 0 TWo weeki ending 1996-JAN. 31 55253 55238 55238 53928 1326 434595 16 5 0 PBB. 14 28 54697 54945 54673 54898 54673 54898 53984 53975 713 970 432974 434146 24 47 7 8 0 0 MAR. 13 55593 55966 55578 55947 55578 55947 54491 54784 1102 1182 435264 437033 15 20 8 12 0 0 1995-PBB. 27p 1. 2. 3. 4. 5. 6. p pe 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 2 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of deJlository 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 tradition~>' 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 (1bseasonally adJusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, ther 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) Table 2 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 tota12 1995-PBB. 423570 427556 21758 22649 39804 38536 35941 34934 3863 3602 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 433468 434568 24217 21476 21058 38118 39036 398:11 34657 35281 35986 3461 3755 3835 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435589 436203 20840 20565 20519 40530 40186 40652 36550 36255 36640 3980 3932 4012 DBC. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444452 20055 20066 20440 40564 40576 42117 36345 36332 37460 4219 4244 4657 1996-JAN. PBB. 56934 53749 56896 53714 55449 52899 441938 436213 17763 16792 44790 42205 39170 36957 5620 5248 1996-JAN. 31 54681 54666 53356 437411 15055 46042 39626 6416 238 PBB. 14 28 54001 53406 53977 53359 53288 52436 436507 435681 15546 17938 44132 40326 38455 35468 5677 4858 485 125 MAR. 13 55030 54525 55015 54506 53928 53343 439529 440016 18186 18516 41536 40439 36844 36010 4692 4429 22 106 JULY AOQ. SBP. OCT. NOV. ~~~kl ~Dg1~ 27p 4. 5. 6. 7. 8. p pe surplus7 56752 56789 APR. 1. total Net carryover of reserve balances' 57639 57514 MAY JUNB 2. 3. required used to satisfy required reserves' 57699 57583 MAR. Two nonborrowed Monetary basel Reserve balances with F.R. Banks• Reflects actual required reserves, with no adjustments to eliminate the eff~ts of discontinui~es, 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 clearing balanc~ an~ adjl!stments to compensate for float and. includes other o~·balance sh~t ·as~of" adjus~ents. Dates refer to the maintenance penods 1n which the vault cash can be used to satisfy reserve requirements. Starting With the marntenaRCe period-end~ November 25, 1992, each marntenance period for weekly reporters ends 16 days after the lagged computation period in which the vault cash is held. Previously, each maintenance period ended_,3Q days aftef the l~gged computation period. All vault cash held duri.ng !Jle.lagg~ compulation period by "bound" institutions (i.~ .. those whose req~:~ired reserves exceed their vault cash) plus !he amou!'\1 of vault cash applied during the maintenance period by "nonbound" rnstitutions (I.e., those whose vault cash exceeds the1r 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 ex~+) or.11- reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. vor· preliminary preliminary estimate u H.3(502) Table3 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 total2 nonborrowed requirecP Monetary base4 1995-FBB. MAR. 57725 57627 57666 57558 56779 56832 U9:.il53 423273 APR. 58935 56831 57136 58824 56681 56863 58182 55951 56172 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 56912 53769 55465 52953 435990 430239 1996-JAN. 31 54712 54697 53386 431065 FBB. 14 54048 53467 54024 53420 53334 52497 430205 430040 55109 54619 55094 54599 54007 53437 433495 434197 MAY JUNB JULY AUG. SBP. OCT. NOV. DBC. 1996-JAN. FBB. Two weeks endina 28 MAR. 13 27p 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 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) bmak-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