The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 reseiVe requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars August 21, 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus extended crecfit4 required excess NSN Monetary base6 total seasonal extended credit4 1996-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 449365 452669 287 214 155 212 109 68 0 0 0 1997-Jan. Peb. Mar. 49517 49008 48312 49472 48966 48155 49472 48966 48155 48293 47977 47151 1223 1031 1160 454137 456284 457623 45 42 156 19 21 37 0 0 0 Apr. May June 47430 47048 47108 47170 46805 46741 47170 46805 46741 46420 45808 45828 1010 1240 1280 458236 459610 461420 261 243 367 88 173 243 0 0 0 July p 46888 46479 46479 45684 1204 464253 409 330 0 46537 46315 46315 45262 1276 460400 222 205 0 47590 46961 46686 47044 46647 46202 47044 46647 46202 46340 45575 45680 1250 1386 1005 462912 464642 463974 547 314 484 300 299 363 0 0 0 47281 46855 46855 45941 1340 465392 426 371 0 Two weeks endina 1997-June 18 July 2 16 30 Aug. 13p 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 a~·usted, 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 ad usted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Extended ere it consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutlons deal with sustained liquidily 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 ar.d 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) 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 Vault cash 5 Reserves of depository institutions Date total 2 non borrowed required Monetary base 3 Reserve balances with F.R. Banks4 total used to satisfy required reserves6 surplus7 Net carryover of reserve balances8 1996-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. Peb. 50642 48043 47543 50597 48001 47387 49419 47012 46383 462712 459638 462216 11710 11455 11515 47172 43375 42116 38932 36588 36029 8240 6788 6087 May June 47879 45997 46610 47618 45754 46243 46869 44757 45330 465062 465228 468797 12308 10916 10291 41381 41111 42398 35571 35081 36319 5810 6030 6079 July p 46383 45974 45179 472623 9854 43129 36530 6599 46693 46471 45417 468982 9782 43447 36911 6536 170 46648 47125 45566 46102 46811 45083 45398 45739 44561 469416 474630 470978 10639 10560 9007 41664 42756 43703 36009 36565 36559 5655 6191 7144 189 128 202 46916 46490 45576 473964 10251 43250 36665 6585 105 Mar. Apr. :LE2 D!!kll !lnlliml 1997-June 18 July 2 16 30 Aug. 13p 1. 2. 3. 4. 5. 6. 7. 8. p pe 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, tlie 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 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, each maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged compulation 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 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base• 1996-July Aug. Sep. 53005 51826 51205 52637 51492 50837 51940 50865 50166 443178 444533 445490 oct. 49777 50006 51522 49490 49792 51368 48783 48971 50098 445377 449201 456721 50665 48122 47687 50620 48079 47531 49442 47091 46527 455551 452560 455259 June 48089 46259 46931 47828 46016 46564 47079 45019 45651 458168 458295 461824 July p 46762 46353 45558 465587 47010 46788 45734 462102 46986 47495 45956 46440 47181 45472 45736 46109 44950 462307 467616 463916 47339 46913 45999 467141 Nov. Dec. 1997-Jan. l'eb. Mar. Apr. May Two weeks ending 1997-June 18 July 2 16 30 Aug. 13p 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 adjust required reserves for discontinuities due to regulatory chan9es 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) 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 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