The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 requirements' Averages of daily figures. seasonally adjusted unless noted otherwise Millions of dollars FEBFUARY Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 total seasonal extended credi' · MAR. 421054 422497 425207 136 59 69 46 33 51 4 0 0 APR. MAY JUNB 57957 57761 57352 57847 57611 57080 57847 57611 57080 57204 56881 56388 753 880 964 427544 430090 429264 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 429785 430782 431652 371 282 278 231 258 252 0 0 0 OCT. 56821 56269 56334 56575 56065 56077 56575 56065 56077 55739 55326 55056 1081 943 1278 432703 433152 435025 245 204 257 199 73 40 0 0 0 55670 55632 55632 54105 1565 435249 38 7 0 6 20 56244 56244 56011 55944 56011 55944 55155 55136 1089 1107 434222 435011 233 300 51 41 0 0 3 56499 55662 55500 56281 55640 55485 56281 55640 55485 54901 54043 53997 1597 1619 1504 435483 435565 434882 218 22 16 34 4 5 0 0 0 ending 1996-JAN. 17 31p p pe Monetary base 6 1339 946 794 1995-DBC. 5. NSA~ 57785 57973 57757 ~eeks 6. excess 58992 58860 58483 1996-JAN. p 4. required 58988 58860 58483 NOV. DBC. 1. nonborrowed plus extended credit' 59124 58919 58552 1995-JAN. PBB. 2. 3. nonborrowed3 8, 1996 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 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 !ltock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vaulf 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' Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date totaF 1995-JAN. FBB. MAR. 426311 423570 427556 l2291 21758 22649 42315 39804 38536 38230 35941 34934 4084 3863 3602 APR. MAY JUNB 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 433468 434568 24217 21476 21058 38118 39036 398l1 34657 35281 35986 3461 3755 3835 JULY AUG. SBP. 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435569 436203 20840 20565 20519 40530 40186 40652 36550 36255 36640 3980 3932 4012 OCT. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 436191 444442 20055 20066 20440 40564 40576 42117 36345 36332 37460 4219 4244 4657 57009 56971 55444 442002 17843 44789 39166 5623 6 20 56712 57615 56479 57316 55623 56508 440049 443148 20438 19563 40653 42943 36274 38053 4379 4890 -38 3 17 31p 58910 58756 54856 58693 58734 54840 57313 57137 53352 448485 445037 437577 21558 19656 15235 41865 44166 46040 37353 39100 39621 4513 5066 6419 64 157 238 ending 1995-DBC. 1996-JAN. 4. 6. 7. 8. p pe surplus 7 59182 56752 56789 ~eks 5. total Net carryover of reserve balances• 60385 57639 57514 1996-JAN. p 3. required used to satisfy required reserves' 60521 57699 57583 NOV. DEC. 1. 2. non borrowed Monetary base3 Reserve balances with F.R. Banks 4 9 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. required clearing balances and adjustments to compensate for float at Federal Reserve Banks The monetary base, not break-adjusted and not seasonally adjusted, consists of ( 1) total reserves plus plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report o 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 CAR, 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 ott-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 vaull cash applied during the maintenance ~riod by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. , otal vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining resPrves 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. 121 preliminary preliminary estimate H.3(502) Table 3 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 1995-JAN. PBB. MAR. APR. MAY JUNB JULY AUG. SBP. OCT. NOV. DBC. 1996-JAN. p Two weeks endina 1995-DBC. 6 20 1996-JAN. 3 17 31p nonborrowed required3 Monetary base• 60520 57722 57621 60384 57662 57552 59181 56775 56827 421840 419250 423268 58928 56824 57127 58818 56675 56854 58175 55945 56163 428738 429288 430263 57488 56933 57291 57117 56652 57013 56399 55946 56341 431298 431083 431623 56544 56558 58013 56299 56354 57756 55463 55615 56735 431583 433208 439011 57035 56997 55470 436061 56880 57794 56648 57:95 55791 56687 434959 437982 58909 58776 54892 58692 58754 54877 57312 57156 53389 442531 439502 431233 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 discontinuities1 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 r.1oney 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