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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. I:Oastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars AUGUST 1 5, 1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed 3 nonborrowed plus extended credit' required excess NSA5 Monetary base6 total seasonal extended credit' 1995-JULY AUG. SEP. 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. DEC. 56839 56333 56364 56593 56129 56106 56593 56129 56106 55758 55390 55086 1081 943 1278 432737 433206 435006 245 204 257 199 73 40 0 0 0 1996-JAN. FEB. MAR. 55606 54848 55727 55568 54813 55706 55568 54913 55706 54121 53997 54590 1485 851 1137 435182 433667 436871 38 35 21 7 7 10 0 0 0 APR. MAY JUNE 55182 54227 54112 55091 54100 53726 55091 54100 53726 54062 53368 52962 1120 860 1150 436644 437009 439079 91 127 386 34 105 192 0 0 0 53197 52829 52829 52132 1066 441847 368 284 0 53925 53456 53456 52847 1078 438203 469 173 0 54503 52628 53487 54117 52338 53045 54117 52338 53045 53064 51801 52262 1439 826 1224 440850 440855 443054 386 290 442 241 273 304 0 0 0 52595 52289 52289 51704 890 445584 306 290 0 JULY p Two weeks ending 1996-JUNE 19 JULY 3 17 31p AUG. 14pe 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 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 liguidity 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) seasonally 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, 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 Vault cash 5 Reserves of depository institutions Date totaf2 56300 55832 56209 435563 435589 436203 20840 20565 20519 40530 40186 40652 36550 36255 36640 3980 3932 4012 OCT. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 436191 444452 20055 20066 20440 40564 40576 42088 36345 36332 37460 4219 4244 4628 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 4407 67 17763 16792 18426 44676 42115 40892 39170 36957 36458 5506 5158 4435 55869 53135 53685 55779 53007 53299 54750 52275 52535 442959 442170 445940 19181 16753 16590 40889 41146 41979 36688 36382 37095 4201 4764 4883 52843 52476 51778 449261 15393 42773 37451 5322 54311 53842 53234 446563 16565 42824 37747 5078 JULY 3 17 31p 53447 53369 52189 53061 53079 51747 52007 52543 50964 446306 450774 448380 16735 16049 14449 41403 42347 43492 36712 37320 37740 4692 5027 5752 332 72 AUG. 14pe 52528 52222 51637 453275 14965 43327 37563 5764 182 FEB. MAR. APR. MAY JUNE JULY p weeks~ng: 1996-JUNE 19 4. 6. 7. 8. p pe surplus 7 57019 56537 56882 1996-JAN. 5. total Net carryover of reserve balances• 57390 56819 57159 DEC. 1. 2. 3. required used to satisfy required reserves 6 1995-JULY AUG. SEP. NOV. Two non borrowed Monetary base3 Reserve balances with F.R. Banks 4 73 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 compensate for float and includes other off-balance sheet "as-of" adjustments. Dates refer to the maintenance periods in which the vault cash can ~e used to satistv reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends_16 days after the lagged comp!Jtatlon penod !f) which the vauft cash IS held. Previously, each maintenance penod ended 30 days after the lagged computation period. All vault cash held dunng the lagged computation penod by "bound' InstitUtions (I.e., those whose requ1red 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) 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 totaF non borrowed required3 Monetary base• AUG. SEP. 57498 56944 57304 57127 56662 57026 56409 55956 56354 431306 431092 431635 OCT. NOV. DEC. 56558 56572 58021 56313 56368 57763 55477 55629 56743 431595 433220 439027 1996-JAN. FEB. 56950 53804 54974 56912 53769 54952 55465 52953 53837 436009 430286 434860 55995 53287 53870 55904 53160 53484 54875 52427 52720 437120 436132 439880 53054 52686 51988 443188 54497 54028 53419 440586 53639 53579 52404 53253 53289 51962 52200 52752 51179 440274 444797 442204 52763 52457 51872 447146 1995~JOLY MAR. APR. MAY JUNE JULY ~l!lQ l
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