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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 January 2, 1 998 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date Monetary base6 total2 nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1996-D oc. 50063 49908 49908 48639 1424 452669 155 68 0 1 9 9 7 -Jan. Fob. Mar. 49517 49008 48312 49472 48966 48155 49472 48966 48155 48293 47977 47151 1223 1031 1160 454137 45628 4 457623 45 42 156 19 21 37 0 0 0 Apr. May Juno 47430 47048 47108 47170 46805 46741 47170 46805 46741 46420 45808 45828 1010 1240 1280 458235 459602 461401 261 243 367 88 173 243 0 0 0 July Aug. Sop. 46885 47414 46666 46476 46816 46229 46476 46816 46229 45683 46161 45371 1201 1253 1295 464212 466456 469353 409 598 438 330 385 368 0 0 0 O ct. Nov. D e c. pe 46454 46865 47126 46184 46712 46802 46184 46712 46802 45058 45248 45477 1396 1617 1649 472022 476484 482387 270 153 324 227 115 79 0 0 0 Two wogfr* e n d in g 1 9 9 7 -N o v . 5 19 47318 46293 47080 46144 47080 46144 45657 44783 1661 1510 47434 1 475463 238 149 167 112 0 0 47388 46237 47959 47269 45997 47506 47269 45997 47506 45655 44763 46153 1733 1473 1806 478759 47958 4 485967 119 240 454 95 85 71 0 0 0 D oc. 1. 2. 3. 4. 5. 6. p pe 3 17p 31p© 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 adjusted, break-ad|usted 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, tne 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 1996-D ec. 51243 51088 49819 463491 1997-Jan. Feb. Mar. 50642 48043 47543 50597 48001 47387 49419 47012 46383 Apr. May June 47879 45997 46610 47618 45754 46243 July Au g. Sep. 46380 46645 46056 O ct. Nov. D e c. pe Two w eeks e n d i n g 1997-N ov. 5 19 D ec. 1. 2. 3. 4. 5. 6. 7. 8. p pe 3 17p 31 pe Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves6 13395 44426 37848 6578 462712 459638 462216 11710 11455 11515 47172 43375 42116 38932 36588 36029 8240 6788 6087 46869 44757 45330 465062 465219 468778 12308 10916 10291 4 1 381 4 1 111 42398 3 5 571 3 5 081 36319 5810 6030 6079 45971 46047 45618 45179 45392 44761 472582 474005 475315 9851 10489 9742 43129 42363 43052 36529 36156 36314 6600 6208 6738 45621 46451 47809 45351 46298 47484 44225 44834 46160 47725 1 483458 493064 9990 10559 10649 41730 42114 43969 35631 35892 37160 6100 6222 6809 46168 4 6 051 45930 45902 44507 44540 478510 482954 10451 10234 41940 42129 35718 35817 6222 6312 19 69 47090 46672 49100 46971 46433 48646 45357 45199 47294 486350 488755 49881 1 11022 9697 11521 42175 44267 44055 36068 36975 37579 6108 7292 6476 78 120 52 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 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 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 2 5 ,19 9 2 , 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) Table 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 nonborrowed required3 Monetary base4 1996-D ec. 51522 51368 50098 456 72 1 1 9 9 7 -Jan. Feb. Mar. 50665 48122 47687 50620 48079 47531 49442 4 7 091 46527 455551 452560 455259 Apr. May June 48089 46259 46931 47828 46016 46564 47079 45019 45651 458168 458287 461805 Ju ly Aug. Sep . 46759 47085 46549 46350 46487 46111 45558 45832 45254 4 6 5546 467238 468630 O ct. Nov. D e c. pe 46161 47053 48483 45891 46901 48159 44765 45436 46835 470669 476903 48662 0 Two weeks e n d i n g 1997-Nov. 5 19 46735 46645 46497 46496 45074 45134 471962 47640 8 47718 47327 49803 47599 47088 49350 45985 45854 47998 479779 482376 492329 Dec. Note: 1. 2. 3. 4. p pe 3 17p 31 pe 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 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, tne break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate