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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 4:30 p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars December 4. 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date Monetary base 6 total 2 nonborrowed 3 nonborrowed plus extended credif4 required excess NSA5 1996-Nov. Dec. 49811 50063 49597 49908 49597 49908 48776 48639 1035 1424 449365 452669 214 155 109 68 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 458235 459602 461401 261 243 367 88 173 243 0 0 0 July Aug. Sep. 46885 47414 46666 46476 46816 46229 46476 46816 46229 45683 46161 45371 1201 1253 1295 464212 466456 469358 409 598 438 330 385 368 0 0 0 Oct. Nov. pe 46454 46940 46184 46787 46184 46787 45058 45214 1396 1726 472030 476314 270 153 227 115 0 0 8 22 47295 45418 46939 45177 46939 45177 45856 44217 1439 1201 470779 471253 356 241 308 220 0 0 5 19p 47318 46307 47080 46158 47080 46158 45657 44778 1661 1529 474349 475493 238 149 167 112 0 0 47574 47454 47454 45568 2005 478252 120 95 0 total seasonal extended credit4 Two weeks ending 1997-0ct. Nov. Dec. 1. 2. 3. 4. 5. 6. p pe 3pe 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 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 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.) 3l. preliminary preliminary estimate H.3 (502) Table2 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 total 2 non borrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves6 surplus 7 Net carryover of reserve balances8 1996-Nov. Dec. 49756 51243 49542 51088 48721 49819 455902 463491 12895 13395 42745 44426 36862 37848 5883 6578 1997-Jan. Feb. Mar. 50642 48043 47543 50597 48001 47387 49419 47012 46383 462712 459638 462216 11710 11455 11515 47172 43375 42116 38932 36588 36029 8240 6788 6087 Apr. May June 47879 45997 46610 47618 45754 46243 46869 44757 45330 465062 465219 468778 12308 10916 10291 41381 41111 42398 35571 35081 36319 5810 6030 6079 July Sep. 46380 46645 46056 45971 46047 45618 45179 45392 44761 472582 47.4006 475319 9851 10489 9742 43129 42363 43052 36529 36156 36314 6600 6208 6738 oct. Nov. pe 45621 46527 45351 46374 44225 44802 477259 483278 9990 10656 41730 42113 35631 35871 6100 6242 :!:1m D!!kl !!nding 1997-0ct. 8 22 46211 44932 45855 44692 44772 43731 475211 477620 9883 9756 42603 41098 36329 35177 6275 5921 203 116 46168 46065 45930 45916 44507 44536 4.78518 482986 10451 10252 41940 42129 35718 35814 6222 6315 19 69 47279 47160 45274 485815 11265 42173 36014 6158 73 Aug. Nov. Dec. 1. 2. 3. 4. 5. 6. 7. 8. p pe 5 19p 3pe 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 f!oat at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of lransaction Accounts, Other Depos1ts and Vault Cash' and for ar: 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 introductir.n 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 satisfy 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 enaed 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. ' ~1· 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 non borrowed required3 Monetary base• 50006 51522 49792 51368 48971 50098 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 458287 461805 JUly Aug. Sep. 46759 47085 46549 46350 46487 46111 45558 45832 45254 465546 467238 468634 Oct. Nov. pe 46161 47128 45891 46975 44765 45402 470677 476718 22 46729 45467 46373 45226 45289 44266 468586 471041 5 19p 46735 46659 46497 46510 45074 45130 471970 476438 47904 47784 45898 479231 1996-Nov. Dec. 1997-Jan. Peb. Mar. Apr. May Two weeks ending 1997-0ct. 8 Nov. Dec. 3pe 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
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