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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 Tome Adjusted for changes in reserve requirements' Averages of daily figures. seasonally adjusted unless noted otherwise Millions of dollars February 6, 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date totaJ2 5. 6. p pe Monetary base8 total seasonal extended credit" 56106 55086 1278 434606 257 40 0 1996-Jan. Peb. Mar. 55606 54848 55727 55568 54813 55706 55568 54813 55706 54121 53997 54590 U85 851 1137 434449 433557 436855 38 35 21 7 8 10 0 0 0 Apr. Hay 55091 54100 53726 55091 54100 53726 54062 53368 52962 1120 860 1150 436984 437885 439692 91 127 386 34 105 192 0 0 JUDe 55182 54227 54112 July Aug. Sap. 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. 50135 49875 50167 49848 49661 50012 49848 49661 50012 49U2 48840 48743 994 1035 U24 447124 449463 452917 287 214 155 212 109 68 0 0 0 4 18 50098 49742 49752 49630 49752 49630 49000 48330 1097 U11 452346 452951 346 112 86 67 0 1 15 29p 50645 49138 49613 50503 49086 49581 50503 49086 49581 49108 47898 48388 1537 1240 1224 453056 453316 454701 U3 53 32 64 18 18 0 0 0 0 week• endina 1997-Jan. 4. excess NSA5 56106 1996-Dec. 3. required 563U Dec. 1. 2. nonborrowed plus extended crecfit4 1995-Dec. Nov. Two nonborrowed3 0 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 Ia!!:> unadjusted total borrowings of depository institutions from the Federal Reserve. Extended credit oonsists 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 requlrements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vault castl5 'Reserves of depository institutions Date totaP 56622 UU52 20UO 620U 37660 6636 1996-Jan. Peb. 56936 53769 56886 56896 53715 56863 55U9 52898 53767 U1957 636259 U0767 17763 16792 18626 U677 62109 60890 39170 36957 3U58 5507 5152 U32 May J'uDe 55869 53135 53686 55779 53007 53299 56750 52275 52535 U2959 U2170 U5U9 19181 16753 16590 60895 61153 62030 36688 36382 37095 6207 6771 6936 July Aug. Sep. 52863 51U2 50997 52675 51308 50630 51778 50681 69959 U9292 650765 651717 15392 U761 13688 62776 62511 63652 37651 36880 37309 5323 5631 6363 .oct. Nov. Dec. 69550 69756 51263 69263 69562 51088 68556 68721 69819 651911 655899 663686 12800 12895 13395 62925 62765 U626 36769 36862 37868 6175 5883 6578 6 18 50080 50750 69735 50638 68983 69338 658358 661707 13182 12837 62908 U686 36898 37913 6010 6771 -68 1 15 29p 52132 52100 69389 51990 52068 69357 50595 50860 68166 666!180 665738 659955 U063 13071 10312 U615 66UO 68678 38070 39030 39077 6565 7111 9601 215 233 296 ••.x. eDdi.~M~ 1997-Jan. 4. 5. 6. 7. 8. p pe surplus7 57U3 1996-Dec. 3. total ·Net carryover of reserve balances• 57900 Apr. 1. 2. required used to satisfy required reserves' 1995-Dec. Mar. ~ nonborrowed Monetary base' Reserve balances wilh F.R. Banks4 6 Reflects actual required reserves, wilh no adjustments to eliminate lhe effects of discontinuities, or "breaks", associated wilh regulatory changes in reserve requirements. Reserve balances wilh 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) lhe currency component of the money stock plus (4), for all quarterly reporters on lhe "Report of Transaction Accounts, Other Deposits and Vault Cash" and for alllhose weekly reporters whose vauh cash exceeds lhelr required reserves, the difference between current vault cash and lhe amount applied to satisfy current reserve requirements. Aher the introduction of CAR, currency and vault cash figures are measured over computation periods ending on Mondays. · Excludes required clearing balances and adjustments to compensate tor noat and includes other off-balance sheet •as-or adjustments. Dates refer to the maintenance periods In which lhe vault cash can be used to satistv reserve requirements. Starti~ wilh lhe maintenance period ended November 25, 1992, each maintenance period tor weel(ly reporters ends_16 days after the laaaec! comp!Jtation period lr:- w~i~ lhe yaurt cash is held. Preyiously, eacll maintenanc_e period ended 30 days after the lagged computation period. All vault cash held dunng the lagged compulation penod by "bound" Institutions (I.e., those whose required reserves exceed lhelr vault cash) plus lhe amount of vaun cash applied during lhe 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 lhe 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 tor changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total2 nonborrowed requirec:P Monetaty base• 1995-Dec. 580ll 51763 56763 639027 1996-Jan. Feb. 56950 5380, 5u" 56912 53769 5U53 55U5 52953 53837 636009 ,30286 '3U60 JuDe 55995 53287 53870 5590, 53160 53U' 5U75 52,27 52720 ,37120 636132 639890 July Aug. Sep. 5305, 51881 51267 52686 515,8 50899 51988 50921 50228 U3222 '"5u U55'6 Oct. Nov. Dec. UU6 50082 51607 U559 ,9868 5U52 U852 uon 50183 U5,39 U9268 ,56793 50U9 51107 500" 50995 U322 U695 ,51586 ,5,971 52510 52095 uu' 52368 52063 U392 50973 50855 U199 ,60357 ,586" U2651 Mar. Apr. May Tyo we•k• endlna 1996-Dec. ' 18 1997-Jan. 1 15 29p Note: Historical data are available from the Money and Reserves Projections Section, DMsion of Monetaty Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 1. 2. 3. 4. p pe Figures reflect adjustments tor 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 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)kfor all quarterly reporters on the "Report of Transaction Accounts, Other DepositS and Vault Cash and tor aU those weekly reporters whOse vault cash exceeds their required reserves, the brea -adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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