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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES 0 :JEPOSITORY INSTITUTIONS AND THE MONETARY BASE >r release at4:30 p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars December 12, 1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date ':>tal 2 ~JlQ required excess NSA~ Monetary base6 total seasonal extended credit' 56333 56364 56129 56106 56129 56106 55390 55086 943 1278 433206 435006 204 257 73 40 0 0 1996-Jan. Feb. Mar. 55606 54848 '5727 55568 54813 55706 55568 54813 55706 54121 53997 54590 1485 851 1137 435182 433667 436871 38 35 21 7 8 10 0 0 0 Apr. May June SS182 54227 54112 55091 54100 53726 55091 54100 53726 54062 53368 52962 1120 860 1150 436644 437009 439088 91 127 386 34 105 192 0 0 0 July Aug. Sep. 53197 52269 51351 52829 51935 50983 52829 51935 50983 52132 51308 50313 1065 961 1038 441881 444204 445864 368 334 368 284 309 306 0 0 0 Oct. Nov. p 50135 49841 49848 49627 49848 49627 49142 48842 994 999 447155 449283 287 214 212 109 0 0 weeks ending 1996-oct. 9 23 50661 49700 50259 49414 50259 49414 49589 48762 1072 938 446493 447300 402 286 274 205 0 0 6 20 50306 49525 50146 49382 50146 49382 49302 48528 1004 997 447647 448051 161 143 154 108 0 0 50005 49659 49659 49005 999 451989 346 86 0 Dec. p pe nonborrowed plus extended credit' 1995-Nov. Dec. Nov. 5. 6. nonborrowed3 4p 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 discountwindow 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) 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 Reserves of depository institutions Date total 2 nonborrowed required Vaultcash5 Monetary base' Reserve balances with F.R. Banks4 total used to satisfy required reserves' surplus7 Net carryover of reserve balances 8 1995-NOVo Deco 56397 57900 56193 57643 55454 56622 438191 444452 20066 20440 40576 42088 36332 37460 4244 4628 1996-Jano Pebo Maro 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 440767 17763 16792 18426 44676 42115 40892 39170 36957 36458 5506 5158 4435 Apro May June 55869 53135 53686 55779 53007 53299 54750 52275 52535 442959 442170 445949 19181 16753 16590 40889 41146 41979 36688 36382 37095 4201 4764 4883 July AUgo Sapo 52843 51642 50997 52475 51308 50630 51778 50681 49959 449292 450765 451701 15392 14761 13688 42773 42517 43639 37451 36880 37309 5322 5637 6330 OCto NOVo p 49550 49722 49263 49508 48556 48723 451879 455853 12800 12865 42913 42738 36749 36858 6164 5880 §Dg1Dg 1996-0Cto 9 23 49911 49408 49509 49123 48839 48470 450650 452532 12653 13141 43941 42196 37258 36267 6683 5929 156 176 6 20 49392 49675 49232 49532 48388 48678 452119 455713 12371 12907 43013 42497 37021 36768 5992 5729 42 111 49987 49642 48988 458291 13102 42910 36885 6025 -1 ~~Q ~e§ts NOVo Deco 1. 2. 3. 4. 5. 6. 7. 8. p pe 4p 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 CAR, currency and vault cash fiaures are measured over computation periods ending on Mondays. Excludes required cl~aring balanc~s an~ adjl!stments to compensate for float and. includes other oft-balance sh~t "as;<>f" adjusl!Tlents. . . Dates refer to the maintenance penods 1n Which the vault cash can be used to satisfy reserve reqwements. Starting With the marntenance penod ended November 25, 1992, each mamtenance 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 computation 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 totaF nonborrowed require<f Monetary base4 1.995-Nov. Dec. 56572 58021. 56368 57763 55629 56743 433220 439027 1.996-Jan. Feb. Mar. 56950 53804 54974 5691.2 53769 54953 55465 52953 53837 436009 430286 434860 Apr. May June 55995 53287 53870 55904 531.60 53484 54875 52427 52720 4371.20 4361.32 439890 July Aug. Sap. 53054 5l.88l. 51.267 52686 51.548 50899 51.988 50921. 50228 443222 444584 445531. Oct. Nov. p 49846 50048 49559 49834 48852 49049 445407 449207 ~2 lti:~U!k!! §ll.g1~ 1.996-0ct. 9 23 501.93 49705 49791. 49420 49l.2l. 48767 444352 446025 Nov. 6 20 49701. 49998 49541. 49855 48697 49001. 44551.5 4491.70 50326 49981. 49327 451.476 Dec. 4p 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 l 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
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