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...... FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For 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 FEBRUARY 1,1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 total seasonal extended credit4 MAR. 1339 946 794 421054 422312 425350 136 59 69 46 33 51 4 0 0 APR. MAY JUNE 57957 57761 57352 57847 57611 57080 57847 57611 57080 57204 56881 56388 753 880 964 428127 430687 429755 111 150 272 82 137 172 0 0 0 JULY AUG. SBP. 57655 57515 57368 57284 57233 57091 57284 57233 57091 56565 56527 56418 1090 988 950 429659 430858 431249 371 282 278 231 258 252 0 0 0 OCT. NOV. DBC. 56821 56269 56334 56575 56065 56077 56575 56065 56077 55739 55326 55056 1081 943 1278 432437 432705 434438 245 204 257 199 73 40 0 0 0 55731 55693 55693 54111 1620 433969 38 7 0 56244 56244 56011 55944 56011 55944 55155 55136 1089 1107 433359 434069 233 300 51 41 0 0 56499 55674 55624 56281 55652 55609 56281 55652 55609 54901 54047 54006 1597 1627 1618 435497 435178 432432 218 22 16 34 4 5 0 0 0 1996-JAN. p pe Monetary base6 57785 57973 57757 Two weeks ending 1995-DBC. 6 20 5. 6. excess NSA5 58992 58860 58483 1996-JAN. pe 3. 4. required 58988 58860 58483 PBB. 1. nonborrowed plus extended credit4 59124 58919 58552 1995-JAN. 2. nonborrowed 3 3 17p 31pe 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 credtt 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 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, bther 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' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash~ Reserves of depository institutions Date total2 1995-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SBP. OCT. NOV. DEC. 1996-JAN. pe non borrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves6 surplus7 Net carryover of reserve balances8 60521 57699 57583 60385 57639 57514 59182 56752 56789 426311 423570 427556 22291 21758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 433468 434568 24217 21476 21058 38099 39038 39839 34657 35281 35986 3442 3757 3853 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435589 436203 20840 20565 20519 40522 40177 40648 36550 36255 36640 3971 3923 4008 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444442 20055 20066 20440 40561 40575 42117 36345 36332 37460 4216 4244 4657 57071 57033 55450 440600 17861 44789 39210 5580 56712 57615 56479 57316 55623 56508 440049 443148 20438 19563 40653 42943 36274 38053 4379 4890 -38 58910 58768 54979 58693 58746 54963 57313 57141 53361 448485 445048 434463 21558 19667 15263 41865 44166 46040 37353 39101 39716 4513 5065 6323 64 157 270 ~W2 ~••ts enging 1995-DEC. 6 20 1996-JAN. 1. 2. 3. 4. 5. 6. 7. 8. p pe 3 17p 31pe 9 Reflec1s 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 lransaction 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 satistv 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 vault 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. Consis1s 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 total 2 non borrowed required3 Monetary base4 60520 57722 57621 60384 57662 57552 59181 56775 56827 421840 419250 423268 MAY JUNB 58928 56824 57127 58818 56675 56854 58175 55945 56163 428738 429288 430263 JULY AUG. SBP. 57488 56933 57291 57117 56652 57013 56399 55946 56341 431298 431083 431623 OCT. 56544 56558 58013 56299 56354 57756 55463 55615 56735 431583 433208 439011 57096 57058 55476 434658 56880 57794 56648 57495 55791 56687 434959 437982 58909 58788 55016 58692 58766 55000 57312 57160 53398 442531 439510 428119 1995-JAN. FBB. MAR. APR. NOV. DBC. 1996-JAN. pe Two weeks ending 1995-DBC. 6 20 1996-JAN. 3 17p 31pe 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~adjustec! total reserves eq~al br~~-~djusted required reserves (T~ble 3, column~) plus excess r~s~rv~ NSA (Table .1, column 5).. . To adjust required reserves for discontinuities due to regulatory changes 1n reserve requirements, a multiplicative procedure 1s used to estimate what requ1red reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted requ1red 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
@FedFRASER