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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 requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars February 19, 1998 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed3 nonborrowed plus extended credit4 required excess NSAS 1 9 9 7 -Jan. Feb. Mar. 49517 49008 48312 49472 48966 48155 49472 48966 48155 48293 47977 47151 1223 1031 1160 454122 455651 45701 1 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 458178 45957 5 461719 261 243 367 88 173 243 0 0 0 J u ly Aug. Sep. 46885 47414 46666 46476 46816 46229 46476 46816 46229 45683 46161 45371 1201 1253 1295 464460 467017 469676 409 598 438 330 385 368 0 0 0 O ct. Nov. Dec. 46454 46865 47196 46184 46712 46872 46184 46712 46872 45058 45248 45513 1396 1617 1683 47234 5 476640 480575 270 153 324 227 115 79 0 0 0 46373 46163 46163 44589 1784 48291 9 210 18 0 46207 48145 45968 47691 45968 47691 44734 46262 1473 1883 47908 9 4 8 2436 240 454 85 71 0 0 14 28 46959 45904 46750 45662 46750 45662 45142 44114 1817 1790 483085 482779 209 242 22 16 0 0 lip 45825 45758 45758 44223 1602 482799 67 9 0 1998-Jan. p Two w o tfri e n d in g 1 9 9 7 - D e c . 17 31 1998-Jan. Feb. 1. 2. 3. 4. 5. 6. p F>e Monetary base6 total2 total seasonal extended credit4 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 acHusted, 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 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 requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 1 9 9 7 -Jan. Feb. Mar. 50642 48043 47543 50597 48001 47387 49419 47012 46383 462712 459638 462216 A pr. May June 47879 45997 46610 47618 45754 46243 46869 44757 45330 July Aug. Sep . 46380 46645 46056 45971 46047 45618 O ct. Nov. D ec. 45621 46451 47880 total 11710 11455 11515 47200 43562 42226 38932 36588 36029 8268 6974 6197 465062 465219 468778 12308 10916 10291 41479 41179 42416 35571 35081 36319 5908 6097 6097 45179 45392 44761 472582 474005 475316 9851 10489 9742 43145 42379 43056 36529 36156 36314 6616 6224 6742 45351 46298 47555 44225 44834 46196 477279 483495 491919 9990 10559 10673 41730 42114 43970 35631 35892 37206 6099 6222 6763 47503 47293 45719 491622 9736 46672 37767 8905 46643 49286 46403 48833 45170 47403 488719 496309 9678 11595 44267 44058 36965 37692 7302 6366 120 68 14 28 49476 46018 49267 45777 47659 44228 495568 488703 11500 8177 44958 48839 37976 37841 6982 10998 147 275 lip 45230 45163 43628 486833 8783 44560 36447 8113 283 Two weeks e n d i n g 1 9 9 7 - D e c . 17 31 Feb. t. 2. 3. 4. 5. 6. 7. 8. p pe Net carryover of reserve balances8 used to satisfy required reserves6 1998-Jan. p 1998-Jan. Reserve balances with F.R. Banks4 surplus7 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 ot 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 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 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. 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) Tsbld 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total1 2 50620 48079 47531 49442 47091 46527 455551 452560 455259 Apr. Nay •June 48089 46259 46931 47828 46016 46564 47079 45019 45651 458168 458287 461805 J u ly Aug. Sep. 46759 47085 46549 46350 46487 46111 45558 45832 45254 465546 467238 468631 O ct. Nov. Dec. 46161 47053 48555 45891 46901 48231 44765 45436 46872 470696 476939 485471 47504 47294 45720 484430 47297 49993 47057 49540 45824 48110 482340 489816 14 28 49464 46027 49255 45785 47647 44237 488657 481228 lip 45248 45181 43646 479648 1 9 9 8 -J a n . Feb. 4. p pe Monetary base4 50665 48122 47687 Two week* ending 1 9 9 7 -D e c . 17 31 1. 2. 3. required3 1 9 97 -J a n . Feb. Mar. 1 9 9 8 -J a n . p Note: nonborrowed 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 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 quarterty 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, tne break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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