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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. Eastem Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Februlll'y 1~. 1997 Borrowings of depository institutions the f8deral Reserv~. NSA Reserves of depository institutions Date totaF nonborrowed3 nonborrowed plus extended credit' tram, required excess NSAS Monetary base8 total seasonal eX19nde'd credit' 1996-Jan. Peb. Mar. 55606 54848 55727 55568 54813 55706 55568 54813 55706 54121 53997 54590 1485 851 1137 434449 433557 436855 38 35 21 7 8 10 0 0 0 Apr. May June 55182 54227 54112 55091 54100 53726 55091 54100 53726 54062 53368 52962 1120 860 1150 436984 437885 439692 91 127 386 34 lOS 192 0 0 0 July Aug. Sep. 53197 52269 51351 52829 51935 50983 52829 51935 50983 52132 51308 50313 1065 961 1038 442244 444160 445988 368 334 368 284 309 306 0 0 0 Oct. Nov. Dec. 50135 49875 50167 49848 49661 50012 49848 49661 50012 49142 48840 48743 994 1035 1424 447124 449463 452917 287 214 155 212 109 68 0 0 0 1997-Jan. pe 49403 49358 49358 48201 1201 454460 45 19 0 Two weeks endina 1996-Dec. 18 49742 49630 49630 48330 1411 452951 112 67 0 50645 49127 49584 50503 49074 49552 50503 49074 49552 49108 47897 48381 1537 1230 1203 453056 453306 454675 143 53 32.•. 64 18 18 0 0 0 49438 49405 49405 48618 821 461731 34 18 0 1997-Jan. 1 15 29p Peb. 12pe 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 foolnot& 2 on Table 2and foo4not9 2 on Table 3.) Seasonally adJUSted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository lnstitutlons from .the ~ederal 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 llauldity 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 simlfar 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date total 2 441957 436259 440767 17763 16792 18426 44677 42109 40890 39170 36957 36458 5507 5152 4432 Apr. May .:rune 55869 53135 53686 55779 53007 53299 54750 52275 52535 442959 442170 445949 19181 16753 16590 40895 41153 42030 36688 36382 37095 4207 4771 4934 July 52843 51642 50997 52475 51308 50630 51778 50681 49959 449292 450765 451717 15392 14761 13688 42774 42511 43652 37451 36880 37309 5323 5631 6343 49550 49756 51243 49263 49542 51088 48556 48721 49819 451911 455899 463486 12800 12895 13395 42925 42745 44426 36749 36862 37848 6175 5883 6578 1997-Jan. pe 50642 50597 49440 463143 11713 47172 38929 8244 week1 eDd~ng 1996-Dec. 18 50750 50638 49338 461707 12837 44684 37913 6771 -48 52132 52089 49360 51990 52036 49328 50595 50859 48157 466980 465728 459930 14063 13060 10287 44615 46140 48679 38070 39029 39073 6545 7112 9606 215 233 294 48741 48708 47921 465626 11093 45130 37648 7482 383 Dec. 1997-Jan. 1 15 29p Feb. 12pe 7. 8. p pe balances' 55449 52898 53747 Nov. 6. of reserve surplus7 56896 53715 54863 oct. 4. 5. total 56934 53749 54884 Sep. 1. 2. 3. required filet carryover used to satisfy required reserves• 1996-Jan. Feb. Mar. Aug. ~W2 nonborrowed Monetary base3 Reserve balances with F.R. Banks4 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 be used to satistv reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance perlcd 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 P.8flod. 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 vauft cash applied dui'ing ~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 total 2 nonborrowed requirecP Monetary~ 1996-Jan. Feb. Mar. 56950 53804 54974 56912 53769 54953 55465 52953 53837 436009 430286 434360 Apr. 55995 53287 53870 55904 53160 53484 54875 52427 52720 437120 436132 439890 Sep. 53054 51881 51267 52686 51548 50899 51988 50921 50228 443222 444584 445546 Oct. Nov. Dec. 49846 50082 51607 49559 49868 51452 48852 49047 50183 445439 449268 456793 1997-Jan. pe 50672 50627 49471 455987 Two weeks ending 1996-Dec. 18 51107 50995 49695 454971 52510 52084 49395 52368 52031 49363 50973 50854 48192 460357 458683 452625 48813 48779 47992 458457 May June July Aug. 1997-Jan. 1 15 29p Feb. 12pe 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 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) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all q~ repor:tefa 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 diff8renC:e between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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