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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 Tm>e Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars January Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed 3 nonborrowed plus extended credit' 16, 1997 required excess NSA5 Monetary base 6 total seasonal extended credit' 1995-Dec. 56364 56106 56106 55086 1278 435006 257 40 0 1996-Jan. Feb. Mar. 55606 54848 55727 55568 54813 55706 55568 54813 55706 54121 53997 54590 1485 851 1137 435182 433667 436871 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 436644 437009 439088 91 127 386 34 105 192 0 0 0 July Aug. Sap. 53197 52269 51351 52829 51935 50983 52829 519,35 50983 52132 51308 50313 1065 961 1038 441881 444204 445880 368 334 368 284 309 306 0 0 0 Oct. Nov. Dec. p 50135 49875 50166 49848 49661 50011 49848 49661 50011 49142 48840 48746 994 1035 1420 447187 449345 453509 287 214 155 212 109 6tl 0 0 0 49532 49389 49389 48528 1004 448088 143 108 0 50098 49742 49752 49630 49752 49630 49000 48330 1097 1411 452104 453230 346 112 86 67 0 18 1p 15pe 50643 49086 50501 49033 50501 49033 49115 48068 1528 1018 454241 451507 143 53 64 18 0 0 ~:tlO wee~1l_r\1ng_ 1996--Nov. 20 Doc. 1997-,Tar.•. 1. 2. 3. 4. 5. 6. 4 0 Reser-•c::; and monetary base figures incorporate adjustments tor discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3.) Sea£:.:m:•:ty 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.) Sea~;on~tlt adJusted, break-adJUSted nonborrowed rese_rves equal seasonally adjusted, _break-adjusted total reserves less unadjusted total borrowings of depository institution~ from th~ Federal Reserve. ExtendCJri "r<'~rltt cons1sts of borrowing at the discount wtndow under the terms and cond1tlons established for the extended_ credit program to help depository 1nstltutions deal w1th sustained ltqutdlty pre:::st•w, F\!4cause there IS not the same need to repay such borrowtng promptly as there 1s w1th trad1t1onal short-term adjustment credit, the money market 1m pact of extended credit is similar to that of nontorrowud mserves. ExcP~:s mserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The r.n::~scnally 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 (3l, fnr illl qtlrlr!Hrly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and tor all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adju~iAd, hrer~k-adjusted difference between current vault cash and the amount applied to sabsfy current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) p pre!.r ··rnrv pe prqli~ •1< :P,I pstimate 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 total2 nonborrowed required Monetary basel Reserve balances with F.R. Banks4 total used to satisfy required reserves' surplus 7 Net carryover of reserve balances' 1995-Dec. 57900 57643 56622 444452 20440 42088 37460 4628 1996-Jan. Peb. Mar. 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 440767 17763 16792 18426 44676 42115 40892 39170 36957 36458 5506 5158 4435 Apr. May JUne 55869 53135 53686 55779 53007 53299 54750 52275 52535 442959 442170 445949 19181 16753 16590 40889 41146 41979 36688 36382 37095 4201 4764 4883 July Aug. Sep. 52843 51642 50997 52475 51308 50630 51778 50681 49959 449292 450765 451717 15392 14761 13688 42773 42517 43639 37451 36880 37309 5322 5637 6330 Oct. Nov. Dec. p 49550 49756 51242 49263 49542 51087 48556 48721 49822 451911 455899 463489 12800 12895 13396 42913 42737 44426 36749 36862 37846 6164 5875 6579 49682 49539 48678 455750 12914 42497 36768 5729 111 4 18 50080 50750 49735 50638 48983 49338 458358 461707 13182 12837 42908 44684 36898 37913 6010 6771 -48 1p 15pe 52130 52058 51988 52005 50602 51040 466988 462520 14064 13169 44615 46137 38067 38889 6548 7247 215 224 ~~o ~§~kl ~ngi~ 1996-Nov. 20 Dec. 1997-Jan. 1. 2. 3. 4. 5. 6. 7. 8. p pe 6 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 sh~t "as:of" adjust!llents. Dates refer to the maintenance penods 1n which the vault. cash ~ be us~ to sat1stv reserve requirements. Starting WI~ the ma1nten_ance penod ended November 25, 1992, each maintenance period for weekly reporters ends_16 days after the lagged comp!Jtation.penod Jn w~1ch the yauft cash 1s held. Prey1ously, each matntenanc_e penod ended 30 days after the lagged computation period. All vault cash held dunng the lagged computation penod 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 !nstit~:Jtions minus the a~~unt applied to satisfy reserve requirements. Consists of carryover only at depository 1nst1tUt1ons ma1nta1mng reserves on the basis of two-week maintenance penods. 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required3 Monetary base• 1995-Dec. 58021 57763 567,3 ,39027 1996-Jan. Feb. Mar. 56950 5380, 5,974 56912 53769 5,953 55,65 52953 53837 ,36009 ,30286 ,3,860 Apr. 55995 53287 53870 5590, 53160 5348, 54875 52427 52720 ,37120 ,36132 ,39890 5305, 51881 51267 52686 515,8 50899 51988 50921 50228 U3222 '''58' U55'6 498,6 50082 51606 ,9559 ,9868 51451 ,8852 490,7 50186 U5,39 U9268 ,56794 50005 ,9862 49001 U9207 ' 18 50419 51107 5007, 50995 49322 49695 ,51586 ,54971 1p 15pe 52508 52053 52366 52000 50980 51035 ,60360 ,55470 May June July Aug. Sep. Oct. Nov. Dec. p Two weeks ending 1996-Nov. 20 Dec. 1997-Jan. 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 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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