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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. Eastern Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars February 20, 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus extended credit4 required excess NSA~ Monetary base8 total seasonal ex1Bnded credit4 1996-Jan. Feb. 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 34 105 19:.il 0 0 0 July Sep. 53197 S:.il269 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 449466 452920 287 214 155 212 109 68 0 0 0 49404 49359 49359 48179 1225 454052 45 19 0 49742 49630 49630 48330 1411 452954 112 67 0 50645 49127 49586 50503 49074 49554 50503 49074 49554 49108 47897 48364 1537 1230 1222 453058 453322 454689 143 53 32 64 18 18 0 0 0 49448 49414 49414 48391 1057 455201 34 18 0 Aug. 1997-Jan. p ~eks ending 1996-Dec. 18 1997-Jan. 1 15 29 Feb. 12p 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..l see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footno1B 2 on Table;.: and footno18 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 adjus1Bd 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' Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date total 2 554.4.9 52898 5374.7 441957 4.36259 440767 17763 16792 18426 44677 4.2109 40890 39170 36957 36458 5507 5152 4432 Apr. May June 55869 53135 53686 55779 5300'/ 53299 54750 52275 52535 442959 442170 44594.9 19181 16753 16590 40895 4.1153 4.2030 36688 36382 37095 4.207 4771 4.934. July 5284.3 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 455902 463491 12800 12895 13395 42925 42745 44426 36749 36862 37848 6175 5883 6578 50644 50599 49418 462720 11712 47172 38931 824.1 1996-Dec. 18 50750 50638 49338 461714 12837 44684 37913 6771 -48 1997-Jan. 52132 52089 49362 51990 52036 49330 50595 50859 48140 466984 465732 459930 14063 13060 10286 44615 46140 48679 38070 39029 39076 6545 7112 9603 215 233 294 48755 48721 47698 459044 11088 45130 37668 7463 397 oct. Dec. 1997-Jan. p !!!!U!&I ~ZI.dillg: 1 15 29 Feb. 12p 3. 4. 5. 6. 7. 8. p pe surplus7 56896 53715 54.863 Nov. 1. total Net carryover of reserve balances• 56934. 5374.9 54.884. Sep. 2. required used to satisfy required reserves' 1996-Jan. Feb. Mar. Aug. ~ 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 Bariks 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 Deposrts 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 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 duri_ng ~e.lagg~ compulation period by "bound" instituti~:ms (i.~ .• those whose req'!ired reserves exceed th~ir vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" rnstitutions (r.e., those whose vault cash exceeds therr requrred reserves) to satisfy current reserve requrrements. Total vault cash held by depository !nstitl,Jtio~s minus tl"!e arn~unt applied to satisfy r~serve requireme~ts. . . . . . . Consists of carryover only at deposrtory rnstitutions r.1atntarnrng reserves on the basts of two-week marntenance penods. Reflects excess(+) or deficrt (-)reserves ehgrble to be earned forward rnto 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 requirecP Monetary base• 56950 53804 54974 56912 53769 54953 55465 52953 53837 436009 430286 434860 55995 53287 53870 55904 53160 53484 54875 52427 52720 437120 436132 439890 53054 51881 51267 52686 51548 50899 51988 50921 50228 443222 444584 445546 49846 50082 51607 49559 49868 51452 48852 49047 50183 445439 449270 456798 50674 50629 49449 455565 1996-Dec. 18 51107 50995 49695 454977 1997-Jan. 52510 52084 49397 52368 52031 49365 50973 50854 48175 460361 458687 452629 48825 48791 47768 451870 1996-Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. 1997-Jan. p Two weeks endina 1 15 29 Feb. 12p 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 reftect 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 estimal9 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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