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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at4:30 p.m. Eastern Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Jar,uary 3, 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowecP nonborrowed plus extended credit' required excess NSA5 Monetary base' total seasonal extended credit' 1995-Dec. 56364 56106 56106 55086 1278 435006 257 40 0 1996-Jan. Peb. 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 51935 50983 52132 51308 50313 1065 961 1038 441881 444204 445880 368 334 368 284 309 306 0 0 0 Oct. Nov. Dec. pe 50135 49875 50129 49848 49661 49974 49848 49661 49974 49142 48840 48660 994 1035 1469 447187 449345 452932 287 214 155 212 109 68 0 0 0 6 20 50306 49532 50146 49389 50146 49389 49302 48528 1004 1004 447677 448088 161 143 154 108 0 0 4 18p 50098 49764 49752 49653 49752 49653 49000 48332 1097 1432 452104 453260 346 112 86 67 0 0 50531 50389 50389 48909 1622 452833 143 64 0 Two weeks ending 1996-Nov. Dec. 1997-Jan. 1. 2. 3. 4. 5. 6. p pe 1pe 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 llguidity 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 I seasonally adJUSted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (31, 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 AGGHEGATE 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 base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves8 surplus7 Net carryover of reserve balances• 1995-Dec. 57900 57643 56622 444452 20440 42088 37460 4628 1996-Jan. 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. pe 49550 49756 51203 49263 49542 51049 48556 48721 49735 451911 455899 462920 12800 12895 13405 42913 42737 44426 36749 36862 37798 6164 5875 6627 6 20 49392 49682 49232 49539 48388 48678 452148 455750 12371 12914 43013 42497 37021 36768 5992 5729 42 111 4 18p 50080 50772 49735 50661 48983 49340 458358 461739 13182 12859 42908 44684 36898 37913 6010 6771 -48 52014 51871 50392 465595 14062 44615 37952 6663 216 Feb. ~wo ~eeks eD~i~ 1996-Nov. Dec. 1997-Jan. 1. 2. 3. 4. 5. 6. 7. 8. p pe 1pe 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 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 vau[t cash is held. Previously, each maintenance period ended 30 days after the lagged computation J)eriod. 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 vauH 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) 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 required3 Monetary base4 1995-Dec. 58021 57763 56743 439027 1996-Jan. Peb. 56950 53804 54974 569l.2 53769 54953 55465 52953 53837 436009 430286 434860 June 55995 53287 53870 55904 53160 53484 54875 52427 52720 437120 436132 439890 July Aug. Sep. 53054 51881 51267 52686 51548 50899 5].988 50921 50228 443222 444584 445546 oct. Nov. Dec. pe 49846 50082 51566 49559 49868 514l.l. 48852 49047 50097 445439 449268 456220 6 20 49701 50005 49541 49862 48697 49001 445544 449207 4 18p 50419 51129 50074 51018 49322 49697 451586 455000 52389 52246 50767 458960 Mar. Apr. May TwO weeks endina 1996-Nov. Dec. 1997-Jan. 1pe 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)kfor all qu~ 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 brea -adjusted difference between current vault c:ash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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